TLDR
- Ethereum gained over 9% in September as large holders accumulated more than 320,000 ETH.
- Transactions exceeding $1 million jumped nearly 500% in one week, rising from 1,202 to 7,113.
- Ethereum faces resistance between $2,722 and $2,822, with further levels near $2,970 and $3,366.
- Tracked exchanges hold a record-low 3.49% of Ethereum supply, while roughly 35% sits in staking.
- US spot Ethereum ETFs attracted nearly $690 million during the week ended September 25.
Ethereum has gained more than 9% in September 2026, moving against the month’s reputation for weak crypto returns. Large investors have increased their holdings, while exchange balances have fallen and US spot funds have attracted fresh money.
Ethereum Whale Transactions Rise Sharply
Analyst Ali Martinez reported that transactions above $1 million climbed from 1,202 to 7,113 within a week. That represents an increase of nearly 500%. Large holders also accumulated over 320,000 ETH, worth roughly $864 million.
ETHEREUM: FINAL HURDLE BEFORE BULL RUN
1/5 🧵👇
— Ali Charts (@alicharts) September 27, 2026
Separate whale buying data showed another large purchase during the recent price decline. Trader Ted Pillows reported that one investor bought $119.67 million worth of ETH on September 23. Ethereum fell below $2,700 that day after failing to clear $2,800, reaching a session low of $2,648.
Martinez identified resistance between $2,722 and $2,822. Investors previously traded more than 13.3 million ETH within this range, his analysis showed.
He said Ethereum could face repeated failed attempts before clearing the zone. A decisive move above it would bring the next resistance levels near $2,970 and $3,366 into focus.
Exchange Balances Reach Record Low
Tracked exchanges now hold 3.49% of Ethereum supply, the lowest recorded share. In related staking activity, Lookonchain reported that one wallet exchanged 1,308 BTC for 40,670 ETH over six days. The wallet staked the tokens. Lookonchain also reported that a separate large investor bought 4,500 ETH, bringing its holdings to about 37,000 ETH.
Growing staking and decentralized finance activity has contributed to lower exchange balances. About 35% of ETH sits in staking, while decentralized finance platforms hold roughly $53 billion. Long-term holders and treasury companies also keep tokens outside exchanges. Another 1.16% of supply has left exchanges since June 1.
US spot Ethereum exchange-traded funds attracted nearly $690 million during the week ended September 25. Monday led with almost $270 million. Tuesday added $162 million, followed by Wednesday’s $104.6 million and Thursday’s $66 million. Friday brought almost $87 million. Related ETF inflow figures showed six consecutive sessions of net buying.
Separately, an unidentified trader opened a $99 million Ethereum position near $2,660, betting on a price increase. The trade uses 25x leverage, magnifying both gains and losses. A fall toward $2,552 would trigger the position’s closure unless the trader adds collateral.
