Ethereum Price May Continue Gains Into September Amid Strong Fundamentals

Ethereum's (ETH) price has seen significant gains in August, rising by 28% to around $2,380. This performance is part of a broader market resurgence in the second half of the month. BTC briefly jumped past $81,000, and ETH temporarily climbed above $2,550.

Several factors suggest that this trend may continue into September. The amount of ETH stored on cryptocurrency exchanges has decreased to around 14.9 million coins, a level not seen since the summer of 2016. This drop indicates that investors are shifting towards self-custody, reducing immediate selling pressure.

Large investors have been accumulating ETH in the current price range. A mysterious market participant bought over $100 million worth of ETH, and BitMine acquired an additional 53,501 coins, increasing its total stash to 5,901,112, or very close to owning 5% of the Ethereum supply.

However, the seasonal character of Ethereum suggests that bears may regain control in the following weeks. September is traditionally a weak period for the cryptocurrency, with its price ending in the red 7 out of 11 times.