Ethereum Price Falls Below $4,000 Amid Co-Founder’s 1,500 ETH Transfer
The price of Ethereum has dropped 4% in the last 24 hours, falling below $4,000. Concerns rise as Ethereum co-founder Jeffrey Wilcke moved 1,500 ETH to Kraken, valued at about $6 million.
Key Price Levels and Market Sentiment
- Analyst Ali Martinez notes Ethereum must break $4,841 to reverse its downtrend; failure could lead to a drop to $2,750.
- Daan Crypto Trades highlights a critical support level around $4,000, with further drops possible if prices don't recover soon.
- ETH has decreased nearly 20% over 12 days, affecting even treasury-backed companies.
- Outflows from spot Ethereum exceeded $250 million on Sept. 25, with Fidelity’s FETH accounting for $158 million.
Wilcke's Recent Transfers
- Jeffrey Wilcke transferred 1,500 ETH to Kraken amid market volatility.
- In May, Wilcke moved 105,736 ETH (approximately $262 million) to Kraken, sparking speculation about future sales.
- Previous large transfers were sometimes redistributed to new wallets instead of sold.