• ETH is revisiting a region associated with the May 2025 Pectra upgrade and its later $4,955 ETH.

  • The $2,800 supply zone could again become a major patience test if momentum fades.

  • A whale bought another $,500 ETH worth $12.38M, but the move isn’t confirmation of an upside breakout.

The ETH price rally in Q3 2026 is coming from an area with a familiar history. The past 90-days ETH/USD move is unfolding around the same region with Ethereum’s May 2025 Pectra upgrade, which preceded its eventual run to an ATH of $4,955. But the path wasn’t straightforward. ETH spent considerable time struggling below the $2,800 supply region before the larger move developed.

ETH Price Faces Another $2,800 Patience Test

That history is now getting attention because September 2026 looks surprisingly similar. If ETH doesn’t push higher decisively in the coming sessions or weeks, it could again spend time fighting beneath $2,800.

That wouldn’t automatically mean the bullish structure is broken. Markets take liquidity, and price rarely moves in a straight line for long. Multiple consecutive green candles can quickly give way to red candles, changing the structure when traders least expect it.

Still, the historical comparison matters without becoming a prediction. The 2025 setup shows what happened previously, but it doesn’t guarantee the same outcome this time.

ETH Price Needs Momentum Above These Levels

If ETH breaks higher, the key resistance levels that makes sense are $3,063, $3,391 and $3,835. A move through those levels could strengthen the current rally structure.

The other path is less comfortable. ETH could repeat its earlier struggle below $2,800, particularly if buyers fail to maintain momentum. A deeper decline could send the price toward the $2,000 support region or even lower.

Whale Buying Tilts The Near-Term Setup

Meanwhile, whale activity is adding another wrinkle. LookOnChain data shows OTC whale 0x8c58 bought another 4,500 ETH worth $12.38 million.

The same whale previously bought 37,000 ETH for $71.13 million at an average $1,922 and is sitting on more than $30 million in unrealized profit. That buying leans toward an sooner and much earlier upside move to occur rather than weeks of consolidation, but it isn’t confirmation. The whale could be wrong or simply start taking profits if short-term targets are reached.

For the ETH price, the decision remains straightforward: break higher, or face another prolonged battle below $2,800 before the next major move.

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