The Price of Ethereum Rises Nearly 10% Following Buterin's 2024 Vision
According to CoinMarketCap data, Ethereum (ETH) has experienced a spectacular rise in demand, driving up its price by almost 10% in the last day. Following a series of tweets by Ethereum co-founder Vitalik Buterin on X (previously Twitter) detailing the blockchain's revamped roadmap for 2024, the price has rallied.
The roadmap identified six key targets, as Coin Edition has reported: merge, surge, plague, verge, purge, and splurge.
Additionally, market traders have started hoarding the altcoin in expectation of a surge, with January 17th tentatively set as the date for Dencun Upgrade's testnet launch.
Since Buterin's declaration, Ethereum
An analysis of ETH's network activity showed that demand had increased following Buterin's article. For instance, according to data from Santiment, the average number of addresses that have traded the altcoin since then has climbed from 444,000 to 448,000.
Additionally, statistics obtained from the same data source indicated that overall market sentiment had improved. Even though ETH's weighted sentiment was still negative at the time of publication, it was shown to be in an upward trend and trying to surpass the zero line, a move it started on December 31.
Furthermore, an upward junction of ETH's MACD and trend lines indicated the shift in trade attitude.
On January 1, the crossover happened, indicating the bulls' re-entry and maybe the beginning of an uptrend.
Comparably, on December 31, the coin's On-Balance Volume started to rise and has since increased from 24.92 million to 25 million. This validated the consistent increase in ETH accumulation following Buterin's tweet.
At the time of publication, several significant momentum indicators, like the Money Flow Index (MFI) and Relative Strength Index (RSI), were above their central lines. ETH had an MFI of 68.81 and an RSI of 60.40. These numbers demonstrated that among daily traders, coin accumulation exceeded sell-offs.
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