Ethereum has recently surged above $2,500 and has remained above $2,400, with on-chain whales voting with their positions. According to BlockBeats On-chain Detection, among the top 10 contract holding addresses on the Ethereum chain, excluding the short hedging addresses of Abraxas Capital and Fasanara Capital, as well as Wintermute's market-making address, the remaining six major whales are collectively bullish, with total long positions reaching $359 million.

Notably, the whale that accurately opened a long position before the sharp rally on August 19, known as the "819 ETH insider whale," is still holding its position at $48.85 million, with unrealized gains of more than $10 million and no reduction in exposure. After ETH saw a rally on August 19, open interest on-chain edged lower on August 22, but it rose again today to above $2 billion. Further volatility is still expected, and on-chain liquidation data shows that bulls and bears are evenly matched, with resistance near both a move above $3,000 and a decline to $2,000.