Largest Cluster of Net Long Ethereum Positions Seeks $2,538

The largest cluster of net long Ethereum positions on the Hyperliquid decentralized exchange has a specific price target: $2,538. According to data from CoinLobster and Proliquid, a significant portion of these positions were entered at this level, with 21% of them opened above the current price of ETH.

The largest single position in this cluster is held by a wallet identified as 0x0392...d7d9, which has an 8x leveraged long worth approximately $151 million. This position was opened at an entry price of $2,538.3, but has a liquidation price set at $2,460.8. If ETH falls to this level, the exchange will automatically close the trade and the collateral backing it will be lost.

The current price of ETH is between $2,662 and $2,683, according to Hyperliquid data snapshots as of October 2, 2026. This means that the $2,538 cluster is currently above water, but the 21% of positions that were entered above the current price are sitting on paper losses.

The data also shows that there are significant short positions, including a short of roughly $278 million at $2,304. The trackers found no direct link between this specific entry level and CME or traditional futures activity, and there is no identified connection to institutional reporting frameworks or the Commodity Futures Trading Commission (CFTC) for this cluster.

Clusters like this can be significant because they can map where pressure could build. If ETH were to slide toward the liquidation levels of big longs, forced closures could add selling pressure. Liquidations sell into the market automatically, which can accelerate a move that was already underway.