Ethereum Holds Above Key Moving Averages
Ethereum’s ETH/USD pair held at $2,693 on Tuesday, up 1.63% on the day, as buying pressure from spot accumulation, corporate treasuries, and staking protocols continued to underpin the market. Even so, technical momentum remained mixed, and large derivative positions suggested traders are bracing for a decisive move.
ETH/USD stayed above the 20-period moving average of $2,677 and the 50-period moving average of $2,680 on the hourly chart, while trading comfortably above the daily 200-period moving average at $2,104. The Kijun line of the Ichimoku indicator, around $2,678, offered additional short-term support. A push above the $2,700 threshold also invalidated earlier bearish structures.
Momentum indicators were less clear-cut. The MACD and CCI both flashed sell signals, while ADX stayed neutral. RSI at 47.05 placed ETH near the middle of its recent range, and the Stoch RSI was likewise neutral. Bull/Bear Power pointed to oversold conditions and intraday selling pressure, though volatility remained low.
Against Bitcoin, Ethereum maintained a value near 0.032 BTC, continuing its recovery from the October 10, 2025, liquidation event. Historically, September has been a weak month for Ethereum, with average losses of 8.57%. This September, however, the network cleared several key technical and operational milestones.
Institutional Holdings and Staking Expand
BitMine Immersion Technologies said its Ethereum holdings now exceed 6 million ETH, and the company plans to stake most of its inventory, cementing its role as one of the largest corporate Ethereum holders. Corporate treasuries now collectively hold about 8.49 million ETH, adding another layer of long-term accumulation. SharpLink Gaming also staked 42,072 ETH, highlighting a broader trend among companies that use staking to generate yield rather than leaving their ETH idle.
On-chain data shows that 35.72% of Ethereum’s total supply — more than 43 million ETH — is now staked. Accumulation addresses, which have expanded rapidly during September, hold more than 23 million ETH. In a separate transaction, an anonymous whale moved roughly $31 million worth of ETH from OKX and Binance into self-custody, reinforcing spot demand.
Derivatives Markets Show Cautious Positioning
Ethereum open interest climbed back above $18 billion as derivatives activity picked up. Hyperliquid saw particularly strong volume, with ETH open interest briefly surpassing Bitcoin on the platform. Whale positioning there skewed long: more than 65% of large traders held long positions, compared with the 57% average across other venues.
Still, the largest Ethereum position on Hyperliquid was a short worth approximately $283 million, which generated about $2.6 million in funding fees at current positive rates. Liquidity clusters were visible at both sides, with long liquidity extending toward $2,500 and short liquidity up to $2,900.
Wintermute, a major market maker, prepared for active trading with $126 million in short positions, including $46.92 million in ETH short open interest. That position carried unrealized gains and about $402,000 in funding fees. The combination of spot accumulation and heavy derivatives exposure means a large amount of ETH is being removed from liquid circulation even as traders speculate on near-term direction.
Outlook
Ethereum’s sentiment index stood at 55 points, placing the market in neutral territory and down from the greed levels recorded the previous week. With support at $2,678 and broader liquidity between $2,500 and $2,900, traders are watching for a breakout that could determine the next sustained move.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
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