Ethereum Whales Scoop $1.6B ETH Amid Co-Founder Sale Talk

Ethereum whales have scooped up more than $1.6 billion worth of ETH in the past two days, even as speculation swirls over whether co-founder Jeffrey Wilcke is preparing to sell.

Fifteen wallets bought over 406,000 ETH during the period, says Lookonchain, from crypto exchanges Kraken, Galaxy Digital, BitGo, and FalconX.

Meanwhile, Wilcke recently transferred 1,500 ETH, worth about $6 million, to the crypto exchange Kraken. This move sparked speculation of a possible sale, though it’s unclear if the tokens were sold or moved between wallets. Wilcke, who now leads video games company Grid Games, has not commented publicly on the transfers.

A wallet likely belonging to Jeffrey Wilcke—the co-founder of #Ethereum—has just deposited 1,500 $ETH ($5.99M) into #Kraken.

Over the past week, this wallet has transferred a total of 2,500 $ETH ($10.3M) to Kraken at an average price of $4,124, and currently holds 2,058 $ETH… pic.twitter.com/iLzBWj5STM

— Spot On Chain (@spotonchain) September 25, 2025

In August, Wilcke sent $9.22M in ETH to Kraken after moving $262M earlier and then reposted a tweet from another user that said, ”I bet he will sell more in the future.”

ETH Price Holds Critical Levels

Ethereum’s price remains range-bound near $3,900, recovering slightly from recent lows around $3,800. Traders are closely watching if ETH can break above $4,000 or if it will retest lower support zones.

Despite market volatility, such significant whale buying implies confidence in ETH’s potential for future gains and stability.

If Ethereum continues to hold above its current support zone, the likelihood of a bullish reversal strengthens. The next resistance to watch is around $4,200 (R1). A decisive break above this level could open the path for a renewed push toward the $5,000 mark.

The Relative Strength Index (RSI) has recently dipped close to oversold territory, reflecting weaker momentum. However, such conditions often precede a price rebound, suggesting Ethereum may be preparing for a recovery if buying pressure returns.

ETHUSDT Analysis Source: Tradingview

From a fundamental perspective, Ethereum maintains strong support. The introduction of Ethereum staking ETFs in the U.S. has created new institutional demand, while the network’s continued role in decentralized finance (DeFi) and its ongoing technical upgrades reinforce long-term optimism.

Still, risks persist. A drop below the $3,800 support level could trigger a deeper correction, potentially driving ETH toward $3,500 and prolonging its consolidation phase.

For now, traders are watching closely. A bounce from current levels could reignite momentum and set Ethereum back on course for $5,000. Failure to hold support, however, may invite further downside in the short term.

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