Ethereum gained more than 9% in September 2026 as long-dormant coins moved at the highest scale since early June, but available exchange data did not confirm broad selling pressure. Santiment said Age Consumed reached approximately 580 million token-days on September 30, about nine times September's average weekday reading. Exchange supply rose by roughly 18,000 ETH that day before falling about 21,000 ETH the next day, compared with approximately 5.9 million ETH held on trading platforms. A separate exchange-netflow measure showed a roughly 33.9k ETH net inflow on September 30, while exchange balances remained broadly stable, indicating that the measures captured different aspects of exchange activity. Earlier in the month, four wallets inactive for more than two years sent 48,047 ETH, worth approximately $130.7 million, to Bitfinex, and an early holder who bought 3,000 ETH at an average price of $18.80 in 2017 sold 2,000 ETH for about $6.19 million. Large-scale transfers rose nearly 500% week-over-week during September. ETH had climbed from $1,500 to $2,700 and continued to face resistance near $2,700. Market commentators offered a constructive but conditional outlook, while ETH sentiment fell to its most bearish level since June 7.