Ethereum Holds Above $2,400 Supported by Institutional Accumulation and Upgrade Timeline
Ethereum traded near $2,476 following steady institutional buying by corporate treasuries and the scheduling of its upcoming Glamsterdam network upgrade.
Ethereum was changing hands at $2,476 on September 13, 2026, having rebounded from a weekly low of $2,431 after pulling back from levels above $2,500. While US spot Ethereum ETFs logged $48 million in single-day outflows on September 8, the funds registered net positive inflows across the full week. On the daily chart, the asset formed a golden cross in late August as its 50-day moving average crossed above the 200-day average.
Institutional accumulation has remained active, led by Tom Lee's Bitmine Immersion, which acquired 28,086 ETH for roughly $69 million over the week. The purchase brought Bitmine's total holdings to 5.93 million ETH, representing approximately 4.9% of the circulating supply toward a targeted 5% allocation. In derivatives and macroeconomic commentary, BitMEX co-founder Arthur Hayes outlined a $10,000 year-end price target, citing expectations of Federal Reserve liquidity injections driven by European banking stress.
On the technical development front, the Ethereum Foundation scheduled the Glamsterdam upgrade for the Sepolia testnet on October 6, with mainnet deployment projected for December. The upgrade is set to establish a 200 million gas limit floor per block to lower fees and expand capacity for layer-2 networks.
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