Ethereum [ETH] has finally broken the long-standing resistance level at $2500 and was trading at $2,716.86 at press time after a hike of 5.7% in the past 24 hours.
Going back to the levels last seen in the month of February 2026, ETH marked an unusually strong Q3 performance.
According to CoinGlass’ quarterly returns chart, Ethereum is up 67.57% in Q3 2026 with nine days still left for the September to end, making this the strongest third quarter since 2016.
This followed ETH suffering two consecutive negative quarters in the first half of 2026, losing roughly 29% in Q1 and another 25% in Q2.
ETH’s staking and exchange reserve sparks concern
However, this was in direct contrast to Ethereum’s validator exit queue, which reached 132,832 ETH – the highest level in three months. In other words, more validators are waiting to withdraw their staked ETH, signaling increased potential selling pressure.
But, according to Alphractal, Bitcoin exchange reserves are rising, while Ethereum exchange reserves are declining. This means that less ETH is readily available to sell, which can signal reduced immediate selling pressure.
Remarking on the same, Joao Wedson, Alphractal’s Founder and CEO, said,
Bitcoin and Ethereum are currently showing opposite behavior in their exchange reserves.
Where is ETH heading?
Since everything seems too intertwined, the conclusion depends on whether ETH can sustain above the $2500 price threshold or fall back below $2000 if bears continue to take control.
Yet, despite the uncertainty, many in the crypto community are optimistic as they believe that $3,200–$3,600 could be next.
In fact, with the RSI lying above the neutral line in the healthy range and the Bollinger Bands running parallel to each other, a strong continuation phase in favor of the bulls is guaranteed.
Final Summary
- Ethereum suffered two consecutive negative quarters in the first half of 2026.
- ETH has formed a new support level between $1,900 and $1,500.