Ethereum Defies September Curse as Whale Accumulation Surges

Ethereum has outperformed expectations in September 2026, rising over 9% and appearing to break the historical "September Curse." On-chain data from analyst Ali Martinez indicates a nearly 500% spike in transactions exceeding $1 million over the past week, with large holders accumulating over 320,000 ETH, valued at approximately $864 million. Despite this momentum, Ethereum faces a significant resistance wall between $2,722 and $2,822, where over 13.3 million ETH have previously traded. Supply-side data shows exchange-held ETH has hit record lows, with only 3.49% remaining on tracked platforms as staking and DeFi activity grows. Additionally, a trader recently opened a $99 million long position on ETH with 25x leverage.