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As September approaches, is Ethereum expected to experience a seasonal decline?

As September approaches, Ethereum enthusiasts are feeling uneasy, as this month has historically been linked to downturns for the second-largest cryptocurrency. With an average decline of -6.42% since 2016, September stands out as the worst month for Ethereum across most cycles.
Ethereum’s recent surge, driven by institutional interest
Ethereum has experienced significant upward momentum recently, nearing its all-time highs and revitalizing the ETH community and beyond. As of mid-August 2025, ETH is trading above $4,700, reflecting an approximate 76% increase year-to-date and about 25% since the beginning of August, marking its strongest price performance since the 2021 bull market.
Institutional investments have played a crucial role in Ethereum’s ascent, with spot ETH ETFs attracting nearly $3 billion in net inflows during August, driving prices upward and highlighting new trends among institutional investors.
Corporate treasury adoption is also expanding, with companies collectively accumulating over $17 billion in ETH reserves this year, restricting supply and enhancing price momentum.
Tom Lee, co-founder of Fundstrat and current chairman of BitMINE Immersion Technologies, has garnered attention this year due to his company’s strategic shift towards Ethereum.
In just over a month, BitMINE has amassed the largest corporate Ethereum treasury globally, holding over $6.6 billion in ETH, surpassing even major investment and technology firms like ConsenSys.
Macro conditions have remained supportive, as dovish signals from the U.S. Federal Reserve and improving global risk sentiment have contributed to increased institutional interest.
On-chain dynamics such as DeFi activity and protocol upgrades like Pectra have further diminished liquid supply and encouraged longer-term holding, creating strong tailwinds for ETH’s price performance.
ETH’s historical September weakness, is the bull run over?
However, with September on the horizon, portfolio rebalancing following summer rallies and tax-related selling could potentially temper the enthusiasm of a hot summer. Bitcoin and crypto trader Crypto Rover raised questions about Ethereum’s peculiar seasonality, stating:
“SEPTEMBER IS USUALLY A BEARISH MONTH FOR $ETH
Not just in general, but especially in post-halving years.
2017: -21.65%
2021: -12.55%
2025: ???
What’s your prediction?”
ETH’s price history indicates a consistent and often harsh September trend. Since 2016, gains made in August are frequently erased in September. In 2017, ETH surged 92% in August, only to fall -21.65% in September after China announced a ban on ICOs.
In 2020, the ETH price increased by around 25%, followed by a 17% decline in September, and in August 2021, ETH rose approximately 35% before retracing by 12% in September.
Not all analysts are pessimistic about ETH
Despite the clear trend, not all analysts are bearish. Standard Chartered Bank recently projected that ETH could reach $7,500 by the end of 2025, with longer-term targets of $12,000 in 2026 and $18,000 by 2027.
On August 13, 2025, Tom Lee shared with CNBC that he anticipates Ethereum to “keep charging ahead,” with upward momentum driven by ETF inflows and institutional adoption pushing the price above $7,000 per coin.
While the data indicates that ETH may encounter seasonal challenges in September, particularly after a robust August, if ETH can overcome its September difficulties, a bullish Q4 could be on the horizon.
The post As September looms, is Ethereum due a seasonable pullback? appeared first on CryptoSlate.