Ethereum (ETH) is on track to end September in the green, with the token's net monthly gain reaching as much as 9.76%. While the final figure remains undecided, ETH has continued to post bullish signals through the close of the month.

ETH traded at $2,712.51 as of September 29, extending the month's gains. Based on the running net gain, the asset is on course for its strongest September since 2016, when it rose 13.3% over the month.

Ethereum has historically struggled in September, losing an average of 8.57% for the month, with performances that often ranged from deep losses to minimal gains. This September, however, the asset cleared several milestones.

The climb above $2,700 broke the bearish structures visible on the previous chart. ETH also held its position at 0.032 BTC, achieving a faster recovery than the leading coin.

ETH needed months to shake off the damage from the October 10, 2025 liquidation event, a deleveraging episode in which leveraged positions are forcibly closed. Nearly a year later, the outlook appears more constructive, though traders remain cautious about declaring a full bull market. As previously reported by Cryptopolitan, ETH is closely watched for its ability to break above $5,000.

ETH open interest — the total value of outstanding derivatives positions and a standard gauge of leverage — is back above $18B, while spot demand has depleted exchange reserves, setting the stage for another breakout to a higher price range. ETH sentiment currently stands neutral at 55 points, down from greed levels recorded during the past week.

ETH posts highest open interest on Hyperliquid

During the latest ETH rally, open interest on Hyperliquid — a decentralized exchange focused on perpetual futures — played a larger role in trading dynamics. The ETH market has grown more dynamic, leading to an event in which ETH open interest flipped BTC positions on the platform.

Open interest for ETH rose 2.46% on Hyperliquid, accelerating faster than BTC positions. ETH open interest broke above $3B, supported by $1.2B in trading volumes. BTC still trades with more than $2.2B in daily volumes.

Hyperliquid whales have skewed bullish, with more than 65% holding long positions. Across other markets on average, long open interest stands at 57% of all positions.

For now, the largest ETH position on Hyperliquid is short, with a notional value of $283M. The position has generated $2.6M in funding fees for its owner, as positive funding rates oblige long traders to pay short holders — a structure that rewards bearish positions while the majority leans long.

ETH liquidity on Hyperliquid is also cleanly separated, with long positions extending down to $2,500, while short liquidity is available as high as $2,900, levels that traders track as reference points for the market's leverage.

Market maker Wintermute has positioned for active trading as well, deploying $126M in short positions, including $46.92M in ETH short open interest. The position is carrying unrealized gains along with $402K in funding fees.

Whales return to spot ETH

Spot demand is also showing renewed strength. ETH remains a utility token, value derived from staking, DeFi and other use cases.

One anonymous whale accumulated $31M in ETH from OKX and Binance, two of the largest centralized exchanges, holding the funds in a self-custodied address. More broadly, accumulation addresses expanded at an even faster pace in September and now hold over 23M ETH. Despite setbacks, ETH ownership has never gone through a capitulation, reflecting long-term confidence.

A total of 35.72% of the ETH supply is now staked — locked to help secure the network in exchange for rewards — amounting to more than 43M ETH. Sharplink Gaming recently staked 42,072 ETH, as staking has become one of the main targets for treasury companies. Corporate treasuries now hold a total of 8.49M ETH, a large share of which is allocated to staking. Bitmine holds over 6M ETH and plans to stake most of its coins. With the September close still pending, the interplay of spot accumulation, staking demand and derivatives positioning remains the backdrop traders will be watching into October.