If ETH closes this month in positive territory, it would be the first time ever it posts back-to-back gains in August and September.
August has been the best month for the second-largest cryptocurrency so far this year, and now bulls have set their attention on September, expecting additional gains in the next four weeks.
Check out what suggests that a further green wave could indeed be in the cards.
The Positive Factors
As of this writing, ETH trades at around $2,380 (per CoinGecko), representing a 28% monthly pump. Its strong performance comes on the back of a broader market resurgence witnessed during the second half of August. Recall that BTC briefly jumped past $81,000; one can explore the exact catalysts in our detailed article here.
For its part, ETH temporarily climbed above $2,550, while growing institutional demand suggests the local peak may be surpassed this month. SoSoValue’s data shows that spot ETH ETFs have closed 12 consecutive green days, attracting over $1.5 billion in capital within that period. The last time the funds recorded such a sustained run was in July 2025.
Next on the list is the amount of ETH stored on cryptocurrency exchanges. Just a few days ago, the figure dropped to around 14.9 million coins, the lowest since the summer of 2016. Currently, it stands at around 14.99 million, which is quite close to the depicted bottom. Such a development signals that investors have abandoned centralized platforms in favor of self-custody, thereby reducing immediate selling pressure.
Last but not least, we will outline the whale activity. X user CW claimed that large investors have continued accumulating in the current price range, while Arkham recently revealed that some mysterious market participants have bought more than $100 million in ETH.
Speaking of whales, one should observe BitMine’s actions. The company scooped up an additional 53,501 ETH over the past week, increasing its total stash to 5,901,112 coins, or very close to its goal of owning 5% of the entire Ethereum supply. What’s more interesting is that this was the 65th consecutive week in which BitMine acquired ETH.
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Something for the Bears
Contrary to the aforementioned bullish signals, the seasonal character of Ethereum hints that bears may regain control in the following weeks.
September is traditionally a weak period for the cryptocurrency, with its price ending in the red 7 out of 11 times. What makes the current setup even more concerning is that August finished positive, and throughout the asset’s entire historical record, there hasn’t been a year in which both August and September closed with gains. We have yet to see whether 2026 will finally break the negative trend.
Separately, if you want to know about the market state, the recent Iran-US tension, and other hot crypto news, please check our video below.
