Ethereum price fell after on-chain data showed a multimillion-dollar ETH deposit by co-founder Jeffrey Wilcke to Kraken, sparking sell-off fears; simultaneous whale buys suggest mixed signals for short-term ETH direction.
Wilcke deposited ~$6M ETH to Kraken, prompting sell-off concerns.
15 wallets bought ~406,117 ETH (~$1.6B) on Kraken during the dip.
Technical levels: key support at $3,900; break could target $3,400 (≈11.5% drop).
Meta description: Ethereum price slides after Jeffrey Wilcke’s $6M ETH deposit to Kraken; assess support at $3,900 and whale activity before buying — read analysis now.
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What happened with Jeffrey Wilcke and Kraken?
On 25 September an on-chain report indicated that Ethereum co-founder Jeffrey Wilcke transferred about $5.99 million in ETH to Kraken. A deposit to an exchange raises concerns about a potential sell-off, though transfers alone do not confirm an immediate sale.
Who else moved and how large were the whale buys?
At the same time, on-chain trackers recorded 15 wallets purchasing roughly 406,117 ETH (~$1.6 billion) via Kraken during the dip.
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Buyer names reported in on-chain analysis included institutional custodians and trading firms listed as Galaxy Digital, BitGo, and FalconX in public on-chain commentary (plain text mention only).
How is the Ethereum price reacting now?
Ethereum price fell more than 13% over seven days and was trading near $3,940 at press time, pressured by a break below the $4,050 support.
If daily closes continue below $3,900, models show an 11.5% downside target near $3,400 based on recent support and measured-move analysis.
What do technical indicators show?
Bollinger Bands have widened with price near the lower band, suggesting oversold conditions that could lead to a short-term rebound.
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The Average Directional Index (ADX) sits near 20, below the 25 threshold, indicating weak trend momentum despite recent volatility.
Is this an opportunity to buy ETH now?
Mixed on-chain signals—an exchange deposit by a co-founder and simultaneous large buys by whale wallets—create uncertainty.
Conservative traders should wait for confirmation: either reclaim of $4,050 or a clear support hold at $3,900, combined with reduced sell pressure on exchanges.
Quick comparison: key price levels
| Level | Role | Implication |
|---|---|---|
| $4,050 | Recent strong support | Reclaiming signals bullish momentum reset |
| $3,900 | Make-or-break support | Daily close below risks 11.5% drop to $3,400 |
| $3,400 | Next major support | Target for extended sell-off scenario |
Source: ETH/USD, TradingView (plain text)
What should traders monitor next?
- Exchange flows: Watch inflows/outflows on Kraken and other major venues.
- Order book: Large sell walls or sustained buys will indicate intent.
- On-chain signals: Follow wallet behavior, staking changes, and large transfers.
- Indicators: Monitor Bollinger Bands compression and ADX trend strength.
Frequently Asked Questions
Did Jeffrey Wilcke sell ETH after the Kraken deposit?
Transfer to Kraken was recorded, but there’s no immediate on-chain proof of a completed sale; exchange deposits can precede selling but can also be internal transfers.
How big was the whale buying during the dip?
On-chain reports show 15 wallets bought approximately 406,117 ETH, valued at about $1.6 billion during the same period.
Key Takeaways
- Exchange deposit by co-founder: Jeffrey Wilcke’s ~$6M Kraken deposit triggered sell-off concerns.
- Whales bought the dip: Large wallets accumulated ~406,117 ETH, signaling mixed market intent.
- Technical outlook: $3,900 is the critical support; a daily close below may target $3,400 (≈11.5% downside).
Conclusion
Short-term outlook for Ethereum price is uncertain after Jeffrey Wilcke’s Kraken deposit and concurrent large whale buys. Traders should combine on-chain monitoring, technical confirmation around $3,900–$4,050, and disciplined risk management before making decisions. COINOTAG will continue tracking updates and on-chain flows.