Ethereum co-founder Vitalik Buterin appears to have finished his Ethereum selling spree, a move that has coincided with ETH’s surge above $2,000. Buterin has dumped more than 19,000 ETH in the market, and as selling pressure from his wallets eases, analysts are forecasting a bullish move. One noted that Ethereum’s price might break higher due to the token being oversold.
Buterin’s Ethereum Selling Spree Eases
According to Lookonchain, Buterin appears to have completed his Ethereum selling plan, which began on February 2. The on-chain analytics platform noted that so far, he has sold 19,326 ETH, valued at $39.36 million. The tokens were sold at an average price of $2,037.
Wallet data shows that Buterin now holds only 8.6 ETH on the wallet dubbed “0xfeb.” However, there is speculation that he might sell more tokens, considering that he has already gone beyond his initial plan to sell 16,384 ETH.
Buterin’s sale aligns with the Ethereum Foundation’s efforts to make the blockchain more secure. The foundation is focused on security, privacy, and long-term sustainability, and the funds will go towards achieving these goals.
Analysts Eye Ethereum Recovery as Smart Money Accumulates
Analysts are speculating that the Ethereum price might be headed for an upward recovery. According to veteran trader Ted, ETH needs to push above $2,100 to confirm a bullish reversal, after which the price could reach $2,400. However, the analyst opined that for the ETH price to make this rally, it needs to hold the support zone that lies between $1,900 and $1,950.
Among the factors that could aid this breakout is Ethereum’s current oversold levels. Crypto Ceasar notes that ETH is at the same oversold levels it was in mid-2024 and early 2025, before a massive recovery.
(ETH Price Chart / Source: X)If history rhymes, an Ethereum breakout to the upside could be imminent. Smart money could be the trigger for this breakout rally. According to CryptoQuant, the balance of Ethereum accumulating addresses is rising, suggesting that wallets have started to fill their bags with ETH.
One of the addresses buying ETH is LinkedIn founder Reid Hoffman’s. On-chain data shows that Roffman holds $6.1 million worth of Ethereum tokens. Bitmine has also been among the largest ETH holders, holding over 1 million ETH tokens, valued at more than $2 billion at the current ETH price.
Source: https://zycrypto.com/vitalik-buterin-wraps-up-ethereum-selling-spree-is-an-eth-breakout-imminent/
