Market analyst Ali Martinez has turned bullish on Ethereum, citing on-chain capital movements as the primary catalyst for an anticipated breakout after weeks of technical consolidation. The core of this projection rests on a significant outflow of tokens from centralized exchanges, which has materially altered the short-term supply and demand landscape. In the 48 hours leading up to Monday, September 7, 2026, blockchain data recorded over 116,000 Ethereum units—valued at approximately $300 million—leaving exchange wallets.
Martinez estimates that this liquidity drain has reduced the immediately sellable supply within order books, thereby easing near-term downward pressure. It is worth noting that inflows to external wallets do not necessarily indicate institutional accumulation; data compiled by Woofun AI suggests such reallocations often stem from adjustments to smart contract staking tasks, shifts in corporate custody structures, or settlements from private over-the-counter (OTC) deals.
Since late August 2026, ETH has oscillated between the $2,370 support level and the $2,530 resistance mark, a range that formed following a rebound from a breakout above $1,900 on August 19, 2026. As long as the price continues to close within this zone, the outlook favors buyers; however, confirming an upside reversal requires a decisive close above the $2,530 threshold. The primary support sits at $2,475, a level where approximately 2.86 million Ethereum units have previously changed hands. Should this support hold, the initial upside target is $2,700, followed by a move toward $2,722.
Nevertheless, a historical supply barrier exists between the $2,723 and $2,822 price range, where more than 10 million Ethereum tokens are held, which could dampen momentum or trigger a pullback. Traditional financial flows have reinforced this technical perspective. During the first week of September 2026, spot ETFs tracking Ethereum recorded net inflows of $218.41 million, pushing cumulative inflows over the past two weeks past the $1 billion mark. The combination of shrinking exchange reserves and sustained institutional buying has tightened the available float in secondary markets. Additionally, under the proof-of-stake consensus mechanism, validator nodes' management of collateral naturally reduces the velocity of asset circulation, further exacerbating the supply squeeze.
Looking ahead, macroeconomic data releases will be the next pivotal variables. The U.S. Bureau of Labor Statistics is scheduled to publish August 2026 CPI figures on September 11, 2026, followed by the Federal Reserve's interest rate decision on September 16, 2026. These two events will ultimately determine liquidity expectations and, alongside the technical breakout, serve as the key external factors influencing ETH's price trajectory.
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