Ethereum Surges Despite Buterin's Continued Sales

Ethereum (ETH) has seen a significant price surge in the past 24 hours, with a nearly 5% gain taking it to $1,916. This growth is notable given the broader crypto market's 3.28% increase during the same period.

The price movement comes as Vitalik Buterin continues to sell tokens as part of his previously disclosed plan to deploy $23 million worth of ETH for long-term objectives. According to Lookonchain, a blockchain analytics platform, Buterin has sold 675.88 ETH in recent transactions, bringing his total monthly sales to 11,422 ETH.

However, not all large holders are selling. FG Nexus, an Ethereum treasury company, has transferred 7,550 ETH to Galaxy Digital, while BitMine has acquired 51,162 ETH last week for over $93 million. This divergence in positioning among large holders underscores the unresolved tension in Ethereum's market.

Analysts remain cautious about the short-term direction of the price. While some see potential for a move back above $2,000, others warn that the rally remains fragile until the $2,000 level is reclaimed.