Since the beginning of September 2026, the value of Ethereum has increased by more than 9%. According to Ali Martinez, the activity of large Ethereum holders has sharply increased, with the number of transactions over $1 million rising by almost 500%, from 1,202 to 7,113 transactions over the past week. During this same period, large holders accumulated more than 320,000 ETH, which at current prices amounts to about $864 million. However, Ethereum faces significant resistance in the range of $2,722 to $2,822, where more than 13.3 million ETH were previously sold. Martinez noted that several breakout attempts may fail. If this level is successfully overcome, the next significant resistance levels will be around $2,970 and $3,366. The growing demand from large players is an important signal for the market.
On the supply side, another important trend is observed. According to recent data, the amount of Ethereum on cryptocurrency exchanges has reached a record low level – only 3.49% of ETH is on trading platforms, and since June 1, 1.16% of the total amount of Ethereum has left the exchanges. This decline is partly due to growing activity in staking and DeFi. About 35% of all ETH is estimated to be in staking, while approximately $53 billion is locked in DeFi. Long-term holders and large treasury firms are also keeping more tokens off exchanges, which may limit the available volume in case of increased demand.
On the other hand, Ethereum has also become the subject of large bets from traders with an unusual reputation. One anonymous trader opened a long position worth $99 million using 25x leverage when Ethereum was trading around $2,660, with the liquidation level set at $2,552 if no more collateral is added. Reportedly, the trader has already made 3,156 trades with 100% success, earning $5.5 million over the past week. As for institutional investments, this week U.S. spot Ethereum ETFs showed positive inflows, with nearly $690 million received over five trading days.
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