Ethereum Surges 20% to $2,300 Amid Aggressive Buying

Ethereum staged one of its most dramatic rallies in recent memory, surging roughly 20% over 24 hours to climb above the $2,300 level.

The move was fueled by strong inflows into Ethereum exchange-traded funds and a broader advance led by Bitcoin. However, analysts caution that the scale of the single-day move does not guarantee the rally will extend at the same pace.

Jamie Coutts, an analyst at Real Vision, noted that Ethereum recorded its eighth-largest daily move since 2018. While the magnitude of the gain underscores the intensity of buying pressure, Coutts said historical patterns offer little clarity on the short-term direction.

The longer-term picture appears more constructive, with Coutts suggesting the recent surge may represent the early stages of a broader recovery rather than an isolated spike. In the derivatives market, aggressive buying reached levels rarely seen in recent months, with Ethereum taker buy volume across all exchanges hitting $2.55 billion in a single hour on August 19.