In the last two days, at least 15 wallets have bought more than 406,000 ETH worth $1.6 billion.
Ethereum co-founder Jeffrey Wilcke moved 1,500 ETH holdings to crypto exchange Kraken. The move has brought speculations that Wickle could be looking to sell before ETH bleeds more.
According to on-chain data, the Ether moved is worth $5.99 million. The transfer came as Ether price dropped from $4,000 to around $3,900. Meanwhile, the price of ETH is down 13.37% in the last seven days.
Analysts say ETH broke critical support at $4,000, accelerating selling.
Wilcke transfers more ETH amidst other whale action
Wickle has done several other transfers. He sent $9.22 million worth of ETH to Kraken in August. He had sent $262 million worth of ETH to Kraken before.
At the time, Lookonchain speculated that he likely withdrew the same amount to eight newly created wallets rather than for sale. He has since shared a user’s comment on X that said, “he will sell more in the future.”
Meanwhile, some whales seemingly used this opportunity to scoop up ETH at a lower price. In the last two days, at least 15 wallets have bought more than 406,000 ETH worth $1.6 billion.
The wallets bought ETH from crypto exchange Kraken, digital infrastructure provider Galaxy Digital, digital asset services provider BitGo, and digital asset broker FalconX. At the end of last month, whales bought more than 260,000 ETH, worth $1.14 billion in two days.
However, other whale wallets have dumped significant ETH holdings. Data from Alpharactal shows a steep decline in addresses holding more than 100,000 ETH.
Spot exchange flow data shows a net inflow of $66.7 million on September 26, the same day that ETH fell below $4,000. This is one of the biggest daily inflows in September, which suggests that buyers are sending coins to exchanges to sell them instead of holding on to them.
The shift follows weeks of mixed activity, where inflows and outflows offset each other. With sentiment leaning defensive, the latest inflow spike highlights that selling pressure could persist if inflows remain elevated. Unless this reverses to consistent outflows, Ethereum price action may continue facing downside risk.
Analysts say Ethereum’s price could stay unstable if whale buildup doesn’t start up again. When there is a lot of selling pressure and a technical drop simultaneously, it strengthens the bearish case.
Technical resistance doesn’t care about fundamentals
ETH has some serious tailwinds right now – institutional money keeps flowing in through ETFs, the Fed’s rate cut signals are making risk assets attractive again, and Ethereum’s network keeps getting stronger with Layer-2 adoption exploding.
In the short term, though, technical resistance doesn’t care about fundamentals in any way. If profit takers show up at $4,841, we could see a brutal selloff regardless of how bullish the long-term story looks.
Meanwhile, Ethereum broke below its rising trendline, which had been in place for several weeks, at around $4,200. The 20-, 50-, and 100-EMAs were pushed down by sellers. They are now grouped together between $4,083 and $4,238 and are serving as resistance.
Support is close to $3,800, which is in line with June’s consolidation floor. If this area isn’t held, lower liquidity zones near $3,500-$3,400 could become visible. To go up, ETH would need to close back above $4,083 to stop the selling and set its sights on $4,330 as the next level of support.
Momentum signs show that the strength is weak. The RSI is at 29, which means that the market is oversold. However, extremes like this often come before recovery bounces. The price is moving in favor of sellers until ETH can reclaim its broken EMAs.
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