Ethereum hovered around $2,492 after rebounding from an intraday low of $2,442.98. Throughout the latest trading session, the price moved within a range between $2,442.98 and $2,505.13, with notable resistance forming in the $2,500 to $2,505 area.
Exchange Reserves and On-Chain Activity
The supply of Ethereum held on centralized exchanges has dropped to 14,882,226 ETH as of September 8, 2026, according to CryptoQuant. This level marks the lowest exchange balance recorded in several years, reflecting significant outflows from trading platforms.
Since July 1, 2025, a total of 6.4 million ETH has moved out of exchange wallets. Binance, the world’s largest cryptocurrency exchange by trading volume, reported a reduction in its Ethereum holdings to approximately 3.74 million ETH, the lowest figure for the platform this quarter.
Bitmine, a major digital asset investment firm, completed another substantial purchase by acquiring 28,086 ETH valued at about $69.44 million. With this purchase, Bitmine’s total Ethereum holdings have risen to 5,929,198 ETH, worth an estimated $14.66 billion. This stash now represents about 4.9% of the total circulating supply of Ethereum.
Tom Lee, chairman of Bitmine, highlighted the firm’s performance in relation to the broader crypto market. He noted that Ethereum outperformed the S&P 500 by 5,430 basis points from Q3 through the previous Friday, placing it among the top three assets since June 30 along with Bitcoin and Solana.
Mini dictionary: Bitmine, a leading digital asset investment company known for large-scale cryptocurrency acquisitions and active portfolio management in the blockchain ecosystem.
Institutional Flows and Staking Trends
Spot Ethereum exchange-traded fund (ETF) products in the United States have attracted about $2.345 billion in net inflows since July 1. At the time of reporting, assets managed by these ETFs totaled $15.57 billion.
Staking activity has remained strong, with around 43.1 million ETH—roughly 35.91% of the total supply—locked in staking contracts. This trend underscores the commitment of long-term investors in the Ethereum ecosystem.
On September 8, US Ethereum ETFs recorded $48.34 million in daily withdrawals as 19,667 ETH flowed out. Despite this outflow, the overall weekly trend remained positive, with net inflows of 15,939 ETH totaling $39.18 million.
Michaël van de Poppe expressed optimism regarding Ethereum’s price prospects, stating that a move above $2,520 could open the path for a potential rally toward $3,000. He emphasized that Ethereum continues to hold key support levels, which could trigger notable upward price action.
Technical Analysis and Support Levels
Market findings from analyst Ali Martinez point to strong on-chain support near $2,475, where about 2.86 million ETH most recently traded. Resistance is likely between $2,723 and $2,822, an area with more than 10 million ETH in previous transactions.
Ali Martinez indicated that as long as Ethereum remains above the $2,475 support, the pathway toward $2,722 appears relatively clear, but a significant resistance zone awaits between $2,723 and $2,822.
| Technical Level | ETH Volume (approx.) | Importance |
|---|---|---|
| $2,475 (Support) | 2.86 million | Strong support |
| $2,723-$2,822 (Resistance) | 10 million | Overhead resistance |
On the ETH/BTC chart, trader Daan Crypto Trades noted that the trading pair has maintained the key 0.03 support level, while also recapturing both its 200-day simple and exponential moving averages at roughly 0.0292 and 0.0298 respectively.
Tom DeMark, who advises Bitmine as a capital markets strategist, predicted that Ethereum could continue its upward momentum over the coming weeks, referencing positive signals from August’s price action.
Currently, the ETH/BTC pair is trading near 0.0315, with further targets at 0.0320 and 0.0335 should the pair remain above the crucial 0.03 threshold.
