Ethereum since Vitalik Buterin announced 2024 roadmap

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A surge in demand for Ethereum has pushed its price up nearly 10% in the past 24 hours, according to CoinMarketCap. The price increase comes after Ethereum co-founder Vitalik Buterin published a series of posts on X (Twitter) outlining the blockchain’s updated roadmap for 2024.

Bitcoin Magazine As previously reported, the roadmap highlights six core priorities: The Merge, The Surge, The Scourge, The Verge, The Purge and The Splurge.

Additionally, as January 17 is expected to be the launch date of the Dencun upgrade testnet, market participants have begun accumulating altcoins in anticipation of the bull market.

Ethereum since Buterin’s announcement

A review of ETH network activity shows that demand has increased since Buterin’s post. For example, data from Santiment shows that the average number of addresses trading altcoins has increased from 444,000 to 448,000.

Source: Santiment

Additionally, information from the same data provider showed an improvement in overall market sentiment. Although ETH weighted sentiment remains in negative territory at the time of writing, it is already in an uptrend attempting to break above the zero line – a move that began on December 31st.

Source: Santiment

Additionally, a change in trading sentiment manifested itself as a bullish crossover between ETH’s MACD and trendline.

ETH price chart. Source: TradingView

The crossover occurred on January 1, marking a re-entry by bulls and suggesting that an uptrend may have begun.

Likewise, the ETH balance began to increase on December 31 and has since increased from 24.92 million to 25 million. This confirms the steady growth in ETH accumulation since Buterin’s tweet.

Other key momentum indicators, such as the Relative Strength Index (RSI) and the Money Flow Index (MFI), are both above the neutral line at the time of writing. ETH’s RSI is 60.4, while MFI is 68.81. These values indicate that token accumulation far exceeds selling by daily traders.