3 Reasons Why Ethereum (ETH) Price Could Break ATH in September

Jakarta, Pintu News – September is typically the weakest period for Ethereum (ETH) with median returns showing losses of more than 12%. The beginning of September 2025 was no different, when ETH prices were pressured by ETF outflows and broader market indecision.

However, a number of bullish signals are starting to emerge that could turn things around. According to the analysis of Ananda Banerjee, crypto analyst at BeInCrypto, these 3 key indicators show that although September is known as a weak month, this time the price of Ethereum could break a new record.

Crypto whales invade Ethereum

At the time of writing, Ethereum is trading at around $4,300 after briefly touching a low of €69.7 million ($4,261). Although the price seems stable with no sign of a major breakout, big moves are coming from crypto whales.

On-chain data shows that the amount of ETH held by whales off-exchange increased sharply from 95.72 million ETH to 99.41 million ETH in less than a day.

That means an additional accumulation of around 3.69 million ETH, equivalent to IDR 60.4 trillion ($16 billion). This surge in buying signals that whales believe Ethereum’s price has the potential to go higher. While retail investors are still skeptical, whales seem to be positioning themselves for a big rally amidst the uncertain crypto market conditions.

Read also: Crypto Whale Strategy in Bitcoin and Ethereum Trading, What Can We Learn?

Weak Investors Retreat, NUPL Signals Rebound

In addition to whale accumulation, on-chain data showed that short-term investors or “weak hands” started to exit the market. This can be seen from the Net Unrealized Profit/Loss (NUPL) indicator for short-term holders which fell to 0.21, the second lowest in the past month. This level usually signals a local low point that could potentially be the start of a price rebound.

For example, on August 19 when the NUPL was around 0.22, the ETH price was still at IDR66.7 million ($4,077). In the next trading session, Ethereum shot up almost 20% to reach IDR 79.1 million ($4,829). The same pattern is now starting to show again. The combination of whales buying and weak investors selling strengthens the bullish scenario for ETH in the near future.

Read also: 3 Events in the Crypto Market This Week, Have You Read?

RSI Divergence Reinforces Positive Signal

Technically, Ethereum’s daily chart shows a hidden bullish divergence. ETH price recorded a higher low, while the Relative Strength Index (RSI) indicator recorded a lower low. This is usually a sign of uptrend continuation as selling pressure starts to weaken even though the price is holding up.

When combined with large whale accumulation and weak investor exits, the potential for an ETH rally is even greater. An important resistance level to watch is at IDR75.9 million ($4,672).

If successfully broken, Ethereum has the opportunity to rise to IDR81.2 million ($4,958) and even enter the price discovery phase. Conversely, the bullish scenario will be canceled if ETH breaks below IDR68.8 million ($4,210).

Conclusion

Although September is usually a month that weakens Ethereum’s performance, this time the market signals tell a different story. Large accumulation by whales, the exit of weak investors characterized by a decrease in NUPL, and bullish divergence on RSI suggest that ETH could buck the historical trend.

With this combination of on-chain and technical factors, Ethereum’s chances of breaking the IDR81 million ($5,000) barrier have increased, making this typically negative month a turning point for the cryptocurrency market.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• BeInCrypto. 3 Reasons Why Ethereum Price Could Peak in Its Weakest Month. Accessed September 8, 2025.
• Featured Image: Generated by AI