Ethereum Bulls Cluster Around $2,538 as Leveraged Traders Take On Risk

The largest cluster of net long Ethereum (ETH) positions has been identified at $2,538. This figure represents a significant entry point for leveraged traders who have bet on ETH's price increasing without actually owning the asset.

According to Hyperliquid data, the largest position in this cluster is held by wallet 0x0392…d7d9, which has an 8x leveraged long worth approximately $151 million. This position was opened at an entry price of $2,538.3 and has a liquidation price set at $2,460.8.

The data also shows that 21% of positions in the cluster were opened above the current trading range of ETH, which is between $2,662 and $2,683 as of October 2, 2026. This suggests that some traders have taken on more risk by buying in at higher prices.

The presence of significant short positions, including a short of roughly $278 million at $2,304, indicates that not all whales share the bullish sentiment. The tracking data comes from on-chain and perpetual DEX analytics tools such as CoinLobster and Proliquid whale monitors.