Ethereum Could Fall Further After Co‑Founder Moves Millions to Kraken as $3,900 Support Is Tested Amid Whale Buys

• 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.

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.

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.

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

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.