Ethereum is poised to close monthly trading with its highest September return since 2016 after recording a gain of about 9 percent this month.

On Sept. 29, Ethereum traded at $2,712.51, posting a monthly net gain of up to 9.76 percent, blockchain media outlet Cryptopolitan reported.

Ethereum has repeatedly posted an average September decline of 8.57 percent, but this time it has moved out of what is known as the "September curse" zone. The monthly gain is not yet confirmed, but if the current pace holds it would mark the strongest September performance since a 13.3 percent rise in 2016.

Technical momentum has also shifted. Ethereum regained the $2,700 level, breaking its previous bearish structure, and its price ratio versus bitcoin held around 0.032 BTC. It took months to shake off the impact of the liquidation event on Oct. 10, 2025, but about a year later expectations of a recovery have risen.

In the recent rally, Hyperliquid's influence stood out. Hyperliquid's Ethereum open interest rose 2.46 percent to more than $3 billion, and trading volume came to $1.2 billion. Bitcoin's daily trading volume was larger at more than $2.2 billion, but the pace of increase in Ethereum positions was relatively fast.

Large investors' positioning was mixed. More than 65 percent of Hyperliquid whale accounts held net-long positions, showing a stronger bullish tilt than the market average of 57 percent. The platform's largest Ethereum position, however, is a short position with a notional value of $283 million. That position is generating about $2.6 million in funding income as the funding rate remains positive.

Liquidation liquidity zones are also clear. On Hyperliquid, the liquidation zone for long positions extends to the $2,500 range, while liquidation liquidity for short positions is formed up to around $2,900. Market maker Wintermute is also expanding short positions. Wintermute has built short positions totaling $126 million, including $46.92 million in Ethereum short open interest. The position is also accumulating about $402,000 in funding income along with unrealised gains.

Spot demand also appears to be reviving. An anonymous whale accumulated $31 million worth of Ethereum on OKX and Binance and then moved it to a private custody wallet. Holdings in accumulation addresses, which signal long-term holding tendencies, have also risen rapidly in September to more than 23 million ETH. The market views the fact that large holdings are not leading to selling as a sign that long-term holding sentiment is being maintained.

On the supply side, there are signs that the amount released to the market is decreasing. More than 43 million ETH, or 35.72 percent of total Ethereum supply, is currently staked. Sharplink Gaming recently staked 42,072 ETH, among other companies holding Ethereum as a treasury asset that are using staking as a key management tool. Corporate treasury holdings were tallied at 8.49 million ETH, with a substantial portion moved into staking. BitMine, which holds more than 6 million ETH, also plans to stake most of its holdings.

Ethereum is breaking September seasonality and showing improvement not only in price but also across the derivatives market, spot demand and staking indicators. If it maintains its current gain through the remaining period, it could post its strongest September performance since 2016, with whether it can hold the uptrend through month-end the final point to watch.