September has traditionally been a tough month for Ethereum. Historical data shows the world’s second-largest cryptocurrency has delivered median losses of more than 12% during this period. And true to form, the first week of September 2025 started under pressure, with ETF outflows and a cautious broader market weighing on ETH.
But this year’s September might not fit the script. Despite the shaky start, three bullish signals are emerging that suggest Ethereum could defy its seasonal weakness and even push toward fresh highs.
1. Whales Accumulate Billions in ETH
At the time of writing, Ethereum is trading around $4,406, after briefly dipping to $4,261 earlier in the week. While retail investors appear hesitant, the whales are doing the opposite.
Data shows that large wallets outside exchanges scooped up 3.69 million ETH in just one day, boosting their holdings from 95.72 million ETH to 99.41 million ETH. At current prices, that’s more than $16 billion worth of Ethereum.
Heavy whale buying often signals conviction that prices will move higher. And this latest accumulation wave is happening just as weaker hands exit the market, reducing selling pressure.
2. Weak Hands Exit, Setting the Stage
The Net Unrealized Profit/Loss (NUPL) metric for short-term holders has dropped to 0.21, its second-lowest level in a month. In plain English, this means most short-term traders are sitting on smaller profits or even small losses, making them less likely to sell aggressively.
History shows that such conditions often precede rebounds. For instance, on August 19, when NUPL hovered near 0.22, ETH was trading at $4,077. Within days, it rallied almost 20% to $4,829.
If a similar pattern plays out, Ethereum could be poised for another upside push—potentially testing new highs even if gains are more modest this time around.
3. RSI Divergence Confirms Bullish Momentum
Ethereum’s daily chart is flashing another encouraging signal: a hidden bullish divergence on the Relative Strength Index (RSI).
While ETH price has made a higher low, RSI has made a lower low. This mismatch usually indicates sellers are losing steam while the broader uptrend remains intact.
Combine that with whale buying, and the case for an upside continuation grows stronger.
Ethereum Price Levels to Watch
- Resistance: First at $4,496, then $4,672. A breakout above these could pave the way toward $4,958 and potentially into uncharted territory.
- Support: A drop below $4,210 would weaken the bullish outlook and could invite further selling.
Ethereum may be in its historically weakest month, but the current setup looks unusually strong. With whales buying big, weak holders exiting, and bullish signals flashing on the charts, ETH might just flip September’s bearish history on its head.
If momentum holds, this could be one of those rare years when Ethereum turns its weakest month into one of its strongest.
