Ethereum has risen more than 9% since the start of September 2026, challenging the market’s so-called September Curse as whale activity accelerates. Transactions worth more than $1 million increased from 1,202 to 7,113 in the past week, while large holders accumulated more than 320,000 ETH worth about $864 million at current prices. Analyst Ali Martinez identified resistance between $2,722 and $2,822, where more than 13.3 million ETH previously changed hands, and said several failed breakout attempts could occur. A decisive move above that range would put resistance near $2,970 and $3,366 in focus. Ethereum’s exchange supply has also fallen to a record low, with 3.49% of ETH held on tracked platforms and 1.16% leaving exchanges since June 1. Staking (locking crypto to earn rewards) accounts for an estimated 35% of supply, while about $53 billion is locked in DeFi (decentralized financial services built on blockchain networks). Separately, a trader opened a $99 million ETH long position using 25x leverage, with liquidation at $2,552 unless additional collateral is posted. U.S. spot ETH ETFs attracted nearly $690 million over five trading days, extending their positive inflow streak.