September has historically been the weakest month for Ethereum, with a median return of over 12% losses. There was nothing different this September. ETF outflows and the hesitation of the wider markets have led to Ethereum prices reducing pressure in opening week.
However, September 2025 may not follow history that neatly. In the historically weakest month, three bullish signs have emerged that could turn the script over and push Ethereum prices up to new highs. Well, that would be such an anti-climax.
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Whales buy large as an outlet for weak hands
At press time, Ethereum trades nearly $4,406. Just this week, ETH touched on the $4,261 low, but quickly regained the ground.
Over the past 24 hours, ETH prices have been largely flat, with no signs of a possible paper breakout. However, whales are accumulating actively. The supply held by the exchange wallets by whales increased from ETH 9572 million to ETH 99.41 million within a day. This represents a net pickup of 3.69 million, over $16 billion at current prices.
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Such a large influx from whales suggests confidence. Retailers may be hesitant, but the whales appear to be positioning for the gathering.
However, the purchase of whales can meet resistance when retailers, especially when sold by short-term holders. Well, it seems he took care of that too. Their purchases coincide with weaker moves.
Short-Term Holder Net Unrealized Profit/Loss (NUPL) metrics (indicating short-term holder profit or loss) decreased to 0.21, the second lowest level in a month. Historically, local lowest values ​​for this metric often indicate rebound points to suggest that weaker hands are coming out and others are sitting on smaller benefits.
For example, on August 19, when NUPL fell near 0.22, the Ethereum price was $4,077. In the next session, ETH was nearly 20%, at $4,829.
This combination of whale purchases and weaker owners sells paint. Even a 10% move from the current level (not 20%) allows ETH to approach a new high test.
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Ethereum price levels and RSI divergence test bullish
The third reason for its highest height ferociousness of all time comes from the chart itself. Ethereum’s daily price chart shows the divergence of hidden bullishness. The ETH was lower, but the relative strength index (RSI) was lowered by measuring momentum buying and selling.
This branch is important as it indicates a continuation of the normal trend. It shows that sellers are running out of steam despite the firm price of Ethereum. RSI divergence, when combined with whale accumulation, further strengthens the upside-down case.
At Ethereum prices, the key resistance to viewing is $4,672, breaking $4,496. A clean break above this level opens the pass to $4,958, potentially increasing your price discovery.
On the downside, if your ETH falls below $4,210, you will get a nullification. This will weaken bullish cases.
