Ethereum traded above $2,500 and stayed above $2,400 as on-chain activity suggested a bullish tilt among whales.

BlockBeats On-chain Detection notes that among the top 10 Ethereum contract holders, excluding the short hedge addresses of Abraxas Capital and Fasanara Capital and Wintermute's market-making address, the six remaining large whales are net long, with total long exposure of $359 million.

One notable position, linked to the so-called 819 ETH insider whale, was opened ahead of the August rally and remains in place, valued at about $48.85 million with unrealized gains of more than $10 million and no reduction in exposure.

After the August 19 rally, on-chain open interest edged lower on August 22 but has since risen back above $2 billion, indicating renewed activity.

Analysts expect additional volatility, and on-chain liquidation data shows bulls and bears are roughly evenly matched, with resistance near a move above $3,000 and support near $2,000.