Yeliz Akmaca 
Ethereum co-founder Jeffrey Wilcke transferred 79,258 ETH, worth nearly $157 million, to the Kraken exchange on March 7. In the market, transfers of this magnitude are usually interpreted as clear sell signals, adding selling pressure on the asset.
Wilcke’s move follows a similar step by another Ethereum insider, Vitalik Buterin, who sold roughly 17,196 ETH (~$34.96 million). However, the motivations differ: Buterin stated his proceeds will fund open-source software and hardware projects, while Wilcke has largely stepped back from active Ethereum development to focus on private gaming ventures.
“Round-Trip” Transactions and Market Interpretation
Blockchain analytics firm SpotOnChain noted that the ETH transferred to Kraken was previously withdrawn from the exchange roughly 10 months ago, aligning with one of Wilcke’s known primary wallets. At that time, ETH traded around $2,600. Analysts interpret this as assets being previously distributed for custody and now consolidated back to the exchange for potential sale. Despite the offloading, Wilcke still holds a significant on-chain position of 27,241 ETH, worth approximately $53.56 million.
Analyst Commentary: Ethereum at a Critical Reversal Zone
According to our analysts, Ethereum has reached a critical demand area, with $1,946 being a crucial level. A breach could push ETH back into a bearish structure.
Similar to Bitcoin, reversal requires observing specific breakouts. We will monitor 45-minute (45m) timeframes. Given it’s the weekend, caution is advised; structures bearish for months cannot turn bullish in a single day.
In these zones, buying should be considered only when reversal breakouts, rather than supports, occur. Downtrend markets can quickly lose support levels. To minimize losses, it is safer to act on small-timeframe breakouts, not just bouncing off supports.
ETH Price and Market Pressure
High-profile insider sales and technical risks continue to pressure ETH, which is currently trading around $1,944, struggling to maintain the psychological $2,000 support level. Experts also cite macroeconomic factors as contributing to the broader price decline. According to BeInCrypto, Ethereum has dropped 34% since the beginning of the year.
Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.