Ethereum has seen a price increase of over 9% since the start of September, diverging from a historical trend. However, the cryptocurrency is now approaching a significant resistance zone between $2,722 and $2,822, an area marked by substantial previous trading volume.
On-chain data reveals a notable surge in whale activity. According to Ali Martinez, transactions exceeding $1 million on the Ethereum network have increased by nearly 500% in the past week, rising from 1,202 to 7,113. Large holders have also accumulated over 320,000 ETH, a stash currently valued at approximately $864 million. This heightened whale demand is considered a significant market signal.
Concurrently, the available supply of ETH on cryptocurrency exchanges has dropped to a record low. CryptoPotato reported that only 3.49% of the total ETH supply is held on tracked platforms, with an additional 1.16% leaving exchanges since June 1. This reduction in readily available supply is partly attributed to increased activity in staking and decentralized finance (DeFi) protocols, with an estimated 35% of ETH staked and roughly $53 billion locked in DeFi. Long-term holders and large firms are also reportedly keeping more tokens off exchanges, potentially limiting supply amid demand conditions.
Adding to the market dynamics, US-based spot ETH Exchange-Traded Funds (ETFs) have recorded consistent positive inflows, totaling nearly $690 million over the past five trading days. Monday saw the strongest inflow at almost $270 million, followed by $162 million on Tuesday, $104.6 million on Wednesday, $66 million on Thursday, and approximately $87 million on Friday. This sustained institutional interest provides a supportive element to the market.
Despite these positive on-chain and institutional developments, Ethereum faces a significant technical hurdle. The resistance zone between $2,722 and $2,822 represents a critical area, as over 13.3 million ETH were previously traded within this range. Ali Martinez suggests that several failed attempts to break through this zone could occur before any decisive move. Should Ethereum move above this zone, the next potential resistance levels are identified near $2,970 and $3,366.
In the realm of speculative trading, a trader has opened a substantial $99 million long position on Ethereum with 25x leverage. This position was initiated when ETH was trading near $2,660, with a liquidation price set at $2,552, assuming no additional collateral is added. The trader has reportedly achieved a high win rate across a significant number of trades, earning $5.5 million in profits last week alone.
Navigating this complex landscape, Ethereum’s current price action is influenced by competing forces. Increased whale accumulation and a reduced exchange supply may support potential upward movement, provided the significant resistance levels can be overcome. The consistent institutional inflows into ETH ETFs indicate growing market interest, while aggressive speculative positions highlight the high-stakes nature of current trading. However, the outcome remains uncertain, with the critical resistance zone posing a significant challenge to further price appreciation.
Why This Matters
The materials describe a narrow update: Ethereum has experienced a price increase of over 9% since the beginning of September, contrary to a historical trend known as the ‘September Curse’. Whether Ethereum may break above the resistance zone between $2,722 and $2,822.
Broader Context
Source materials place the factual news in this context: September 2026 is turning out to be entirely different for Ethereum, as it appears to have bucked the “September Curse.”.
