Whale Drama: Wilcke’s Kraken Move Could Shake ETH Price

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Key Takeaways

What did Jeffrey Wilcke do?

In a display most theatrical, Ethereum’s co-founder did pour forth ETH of many millions into Kraken, stirring whispers of a coming sell-off and sending the crowd into a fluttering gasp, like an audience caught between coffee and tragedy. 😂

Is Ethereum’s price likely to fall further?

It may descend by another 11% should it fail to cling to the sacred 3,900, lest the coins stage a further bow and exit stage left. 😅

Against the backdrop of mercantile doubt and public rumor, ETH appears to falter on the charts after misplacing its cherished support. And lo, the chorus of suspicion grows louder as Wilcke himself seems to shed ETH worth millions, a gesture that lends the plot a darker tint.

Ethereum whales add billions worth of ETH!

On the twenty-fifth day of September, Lookonchain, that diligent scribe of on-chain affairs, did reveal a report: Wilcke’s $5.99 million ETH dump onto Kraken. The coin, at that moment, flirted with the $3,950 mark, as if the theater were waiting for a cue. 🎭

Worth noting, however, that it remains to be confirmed whether Wilcke has truly sold his ETH holdings, or merely moved assets from a wallet to an exchange. Such a move is often the prelude to a potential sell-off, a dramatic prologue if you will.

And fear not, for the stage did not remain empty: whales seized the dip by buying heavily. Lookonchain also revealed that 15 wallets purchased 406,117 ETH worth $1.6 billion from Kraken during the market dip. Players among them include Galaxy Digital, BitGo, and FalconX. 💼💎

Thus, we are left with a question fit for a magistrate-Is this a divine moment to buy ETH, or shall the altcoin’s price continue to descend in the next acts?

Ethereum’s (ETH) price action and technical analysis

Over the past seven days, ETH hath fallen by more than 13%. In the last twenty-four hours, a retreat of above 2% adds another line to this heavy script. At press time, the coin lounged near the $3,940 level, yet a spirited surge in investor participation could redraw the scene swiftly. 🌀

According to AMBCrypto’s technical analysis, ETH now teeters at a make-or-break point around $3,900 after losing the stout support at $4,050 on Thursday. Since this breakdown, sentiment has skewed toward the negative side, as if the audience suddenly forgot their lines.

Based on its price action at press time, if the downward momentum continues and ETH’s daily chart closes below $3,900, there is a strong possibility of an 11.5% slide to the next support near $3,400. The play grows tenser by the minute. 🎭

Here, one ought to note that the Bollinger Bands have broadened notably, with the price hugging the lower boundary-an indication that the asset might be oversold and a reversal could make a sudden entrance. 🤞

On the contrary, the Average Directional Index (ADX) has risen to 20, still shy of the 25 threshold-an emblem of momentum that is not yet a roaring tide but rather a whisper in the wings. 🗺️

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2025-09-27 02:40