{"id":361728,"date":"2024-01-03T02:00:19","date_gmt":"2024-01-02T20:30:19","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=361728"},"modified":"2024-01-04T01:15:46","modified_gmt":"2024-01-03T19:45:46","slug":"ethereum-starts-2024-on-a-strong-note-rises-to-2400","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-starts-2024-on-a-strong-note-rises-to-2400\/","title":{"rendered":"Ethereum starts 2024 on a strong note, rises to $2,400"},"content":{"rendered":"<ul>\n<li><em>ETH&#8217;s buying pressure was stronger than its selling pressure.<\/em><\/li>\n<li><em>A technical analyst highlighted ETH&#8217;s strong upside potential.<\/em><\/li>\n<\/ul>\n<p>Ethereum [ETH] started 2024 on a smashing note, reaching $2,400 for the first time since May 2022.<\/p>\n<p>The second-largest crypto made gains of 5.56% in the last 24 hours of trading, according to <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a>, setting the stage for what many participants view as the inevitable super rally.<\/p>\n<h4>The New Year&#8217;s Day rally<\/h4>\n<p>According to AMBCrypto&#8217;s analysis of CryptoQuant&#8217;s data, Ethereum&#8217;s Taker Buy Sell Ratio stormed into the green territory as indicated below.<\/p>\n<p>This indicated that buying pressure was stronger than selling pressure, and <span data-slate-fragment=\"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\">more buyers were willing to buy coins at a higher price. Historically, this has been viewed as a bullish signal.<\/span><\/p>\n<figure id=\"attachment_361748\" aria-describedby=\"caption-attachment-361748\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png\"><img decoding=\"async\" class=\"size-full wp-image-361748\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png\" alt=\"\" width=\"2560\" height=\"1612\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-1024x645.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-1536x967.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-Taker-Buy-Sell-Ratio-All-Exchanges-2048x1290.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-361748\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p>But the party may just be starting. Noted technical analyst <a href=\"https:\/\/x.com\/ali_charts\/status\/1741814848982327779?s=20\" target=\"_blank\" rel=\"noopener\">Ali Martinez<\/a> pinned hopes on Ethereum to make further gains. He stated,<\/p>\n<blockquote><p><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">&#8220;The path ahead of ETH <\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond. Additionally, a robust demand wall at $2,000 provides solid support, potentially cushioning any corrections.&#8221;<\/span><\/p><\/blockquote>\n<p>AMBCrypto&#8217;s reading of Hyblock Capital&#8217;s data echoed this sentiment somewhat. The market sentiment was one of greed, implying that there was a likelihood of more accumulation, and hence, a price increase.<\/p>\n<figure id=\"attachment_361783\" aria-describedby=\"caption-attachment-361783\" style=\"width: 1320px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETHUSDT_2024-01-02_17-14-37.png\"><img decoding=\"async\" class=\"size-full wp-image-361783\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETHUSDT_2024-01-02_17-14-37.png\" alt=\"\" width=\"1320\" height=\"486\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETHUSDT_2024-01-02_17-14-37.png 1320w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETHUSDT_2024-01-02_17-14-37-300x110.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETHUSDT_2024-01-02_17-14-37-1024x377.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETHUSDT_2024-01-02_17-14-37-768x283.png 768w\" sizes=\"(max-width: 1320px) 100vw, 1320px\" \/><\/a><figcaption id=\"caption-attachment-361783\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n<h4>Whales weren&#8217;t the drivers<\/h4>\n<p>In a rather surprising observation, the latest rally was not carried by whale investors. The number of large transactions stayed muted on the first of January, AMBCrypto detected using Santiment&#8217;s data.<\/p>\n<figure id=\"attachment_361772\" aria-describedby=\"caption-attachment-361772\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-361772\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-15.50.24-02-Jan-2024-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-361772\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p>Similarly, no noticeable spike was observed in the holdings of user cohorts having more than 1,000 ETH.<\/p>\n<figure id=\"attachment_361775\" aria-describedby=\"caption-attachment-361775\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024.png\"><img decoding=\"async\" class=\"size-full wp-image-361775\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/Ethereum-ETH-16.51.18-02-Jan-2024-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-361775\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum&#8217;s [ETH] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<h4>Speculative bets on ETH jump<\/h4>\n<p>As ETH rallied, the eyes of derivatives traders lit up. The Open Interest (OI) in ETH futures contracts surged to $8.16 billion, representing an increase of 7.41% in the last 24 hours, AMBCrypto observed using Coinglass&#8217; data.<\/p>\n<figure id=\"attachment_361777\" aria-describedby=\"caption-attachment-361777\" style=\"width: 1163px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-futures-Interest.jpg\"><img decoding=\"async\" class=\"size-full wp-image-361777\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-futures-Interest.jpg\" alt=\"\" width=\"1163\" height=\"347\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-futures-Interest.jpg 1163w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-futures-Interest-300x90.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-futures-Interest-1024x306.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-futures-Interest-768x229.jpg 768w\" sizes=\"(max-width: 1163px) 100vw, 1163px\" \/><\/a><figcaption id=\"caption-attachment-361777\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p>Moreover, the number of individuals holding long positions exceeded those betting on price declines in the last 24 hours. The Long\/Short Ratio went above 1 for the first time since the 27th of December.<\/p>\n<figure id=\"attachment_361779\" aria-describedby=\"caption-attachment-361779\" style=\"width: 1137px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH.jpg\"><img decoding=\"async\" class=\"size-full wp-image-361779\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH.jpg\" alt=\"\" width=\"1137\" height=\"296\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH.jpg 1137w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-300x78.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-1024x267.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/01\/ETH-768x200.jpg 768w\" sizes=\"(max-width: 1137px) 100vw, 1137px\" \/><\/a><figcaption id=\"caption-attachment-361779\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum&#8217;s market sentiment was one of greed.<\/p>\n","protected":false},"author":80,"featured_media":361732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-361728","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - 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