Ethereum is showing stronger demand as September comes to a close, with whale activity and declining exchange balances adding fresh attention to the market. Still, ETH has a major resistance zone to clear before a stronger upside move can develop.
Ethereum has gained more than 9% since the beginning of September 2026, putting the asset on track for a very different performance from its historically weak September trend.
Whale Activity Picks Up
Data shared by market analyst Ali Martinez points to a sharp increase in large Ethereum transactions.
Transactions worth more than $1 million reportedly climbed from 1,202 to 7,113 over the past week, representing an increase of nearly 500%. Large holders also accumulated more than 320,000 ETH during the period, worth approximately $864 million at current prices.
That buying activity could become increasingly important if ETH approaches its next major technical hurdle.
The key resistance area currently sits between $2,722 and $2,822. More than 13.3 million ETH previously changed hands within this range, creating a sizeable supply zone for the market to absorb.
A sustained move above the area could open the door toward the next resistance levels around $2,970 and $3,366. Until then, repeated rejection around $2,722-$2,822 remains a possibility.
Exchange Supply Keeps Falling
Ethereum’s supply picture is also attracting attention.
ETHEREUM: FINAL HURDLE BEFORE BULL RUN
1/5 🧵👇
— Ali Charts (@alicharts) September 27, 2026
Recent data reported by CryptoPotato showed that only around 3.49% of ETH is currently held on tracked crypto exchanges. Since June 1, another 1.16% of the total supply has reportedly moved away from exchanges.
Staking and DeFi activity are among the factors contributing to the decline. Estimates suggest roughly 35% of ETH is currently staked, while about $53 billion is locked across DeFi protocols.
Long-term holders and treasury-focused firms are also keeping larger amounts of ETH outside exchanges. If demand accelerates while readily available exchange supply remains limited, the market could face tighter liquidity.
A $99M Leveraged Bet
Meanwhile, one trader has made a particularly aggressive move.
An unidentified trader opened a roughly $99 million long position on ETH using 25x leverage. The position was reportedly entered when Ethereum was trading near $2,660, with liquidation around $2,552 unless additional collateral is added.
The trade adds another layer of interest around Ethereum’s current price action, but the much larger question remains whether ETH can break through the $2,722-$2,822 resistance zone with enough strength to continue higher.
