Ethereum (ETH) has gained more than 9% in September, breaking with its historically weak performance this month, but a large resistance zone between $2,722 and $2,822 remains.
Key Points:
- Ethereum has gained more than 9% since the start of September.
- Whale transactions above $1 million jumped nearly 500% in a week, while large holders accumulated more than 320,000 ETH.
- About 13.3 million ETH previously changed hands between $2,722 and $2,822, creating a major resistance zone.
Ethereum Resistance
Ethereum's September advance comes as activity among large holders has increased sharply, according to findings from Ali Martinez.
Transactions worth more than $1 million rose from 1,202 to 7,113 over the past week, an increase of nearly 500%. Large holders also accumulated more than 320,000 ETH, worth about $864 million at current prices.
The immediate test sits between $2,722 and $2,822, where more than 13.3 million ETH previously changed hands. Martinez said the concentration of trading in that range could produce several failed breakout attempts before Ethereum establishes a sustained move above it.
A decisive break could shift attention toward resistance near $2,970 and then $3,366. The growing activity among whales adds another demand signal as ETH approaches that heavily traded price range.
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Ethereum Demand
Supply conditions are also tightening. Only 3.49% of Ethereum's supply is now held on tracked crypto exchanges, while another 1.16% has moved off those platforms since Jun. 1.
About 35% of ETH is estimated to be staked, while roughly $53 billion is locked in decentralized finance. Long-term holders and treasury firms are also keeping tokens away from exchanges, potentially reducing immediately available supply if demand continues to rise.
Institutional demand has remained positive as well. U.S. spot Ethereum exchange-traded funds attracted nearly $690 million over five trading days, including almost $270 million on Monday and $162 million on Tuesday.
A separate high-risk trade has added to bullish positioning. An unidentified trader reportedly opened a $99 million leveraged long near $2,660 using 25x leverage, with liquidation around $2,552 unless additional collateral is posted.
Ethereum's September performance stands out because the asset has historically struggled during the month. This year, however, a gain exceeding 9%, declining exchange balances and rising whale activity have shifted attention to whether ETH can clear the $2,722-$2,822 barrier.
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