Ethereum is attracting increased buying pressure from multiple market participants in September 2026, departing from the asset's historical seasonal weakness. Since the start of the month, ETH has risen more than 9%.
Whale activity on the Ethereum network has intensified sharply. Transactions exceeding $1 million jumped nearly 500% over the past week, climbing from 1,202 to 7,113 transactions. Large holders have accumulated more than 320,000 ETH, currently valued at approximately $864 million at prevailing prices.
Resistance Zone Ahead
Ethereum faces a major resistance barrier between $2,722 and $2,822. Over 13.3 million ETH were previously traded within this range, establishing it as a significant obstacle to further upside. Should the asset break above this zone decisively, the next resistance levels are positioned near $2,970 and $3,366.
Supply-Side Pressures
Exchange supply of Ethereum has contracted to record levels. Only 3.49% of ETH is held on tracked exchange platforms, with an additional 1.16% of the supply having departed exchanges since June 1. This decline reflects increased staking activity, DeFi participation, and long-term holders moving tokens offline. Approximately 35% of ETH is staked, while roughly $53 billion is locked in DeFi protocols.
The reduction in readily available exchange supply could constrain liquidity if demand accelerates, potentially amplifying price movements.
Institutional and Leverage Activity
US-based spot Ethereum ETFs recorded positive inflows throughout the week, attracting nearly $690 million across five trading days. Monday generated the strongest inflow at almost $270 million, followed by $162 million on Tuesday and $104.6 million on Wednesday.
A trader with a reported 100% win rate on 3,156 trades has opened a $99 million long position using 25x leverage, entered near $2,660 with liquidation at $2,552.
