Quick Summary
- Jeffrey Wilcke, Ethereum’s co-founder, deposited 79,176 ETH (approximately $157M) to Kraken, triggering market concerns
- ETH has declined almost 8% from March 6, reaching a bottom at $1,912
- Current trading action remains under the $2,000 mark and below the 100-hourly Simple Moving Average
- Large wallet holders (100K–10M ETH addresses) continue accumulating despite market anxiety
- Critical support zone established at $1,900–$1,920; losing this level could push price toward $1,800
Since March 6, Ethereum has faced significant downward momentum, shedding nearly 8% of its value and now testing crucial support around the $1,900 price point. Market participants reacted negatively to news that Jeffrey Wilcke, one of Ethereum’s original co-founders, moved 79,176 ETH tokens—valued at roughly $157 million—to Kraken exchange.
When significant token quantities flow into centralized exchanges, market observers typically interpret this as a precursor to selling activity. This particular transaction unsettled investors and amplified bearish sentiment on an already weakening price chart.
The cryptocurrency bottomed at $1,912 before entering a consolidation phase. Currently, as of March 9, ETH is changing hands below $1,980 and trading under its 100-hourly Simple Moving Average, maintaining bearish short-term momentum.
Large Holders Provide Buying Pressure
Between March 2 and March 6, Bitcoin spot exchange-traded funds registered combined net inflows totaling $568 million. Ethereum spot ETFs attracted $23.56 million during this same timeframe, demonstrating persistent institutional appetite even as ETH price action remained subdued.
Contrary to the panic surrounding Wilcke’s exchange deposit, not every major stakeholder is liquidating positions. On-chain cohort data reveals that addresses controlling between 100,000 and 10 million ETH tokens have been actively purchasing throughout this price decline.
This accumulation behavior from substantial investors has provided a cushion against more severe price deterioration. The market now exhibits tension between selling momentum from the co-founder’s exchange transfer and buying activity from alternative major participants.
The $1,920 price point continues functioning as near-term support at present. Should buyers successfully defend this threshold, ETH could stage a bounce targeting $1,980 initially, followed by the psychologically significant $2,000 level.
Overhead resistance appears dense and multi-layered. The initial significant barrier sits at $2,020, with $2,050 representing the next challenge—coinciding with the 50% Fibonacci retracement level calculated from the recent decline starting at $2,200 down to $1,912.
Chart Indicators Signal Continued Weakness
Technical metrics paint a predominantly negative picture. Virtually all major moving averages remain positioned above current price action. The 200-period Exponential Moving Average stands at $2,899, while the 200-period Simple Moving Average resides at $3,324—both considerably distant from present levels.
Near-term momentum indicators display more balanced readings. The Relative Strength Index registers 42.4, the Stochastic oscillator measures 40.4, and the Commodity Channel Index shows −47.7. The Average Directional Index reads 29.9, indicating trend presence without reaching extreme territory.
Should the $1,920 floor fail to hold, subsequent support emerges near $1,880. Beyond that breakdown point, the $1,800 region becomes the probable destination—an area where purchasing interest has materialized historically.
On March 9, 2026, ETH was exchanging hands around $1,939, continuing to struggle beneath the $2,000 threshold it has unsuccessfully attempted to recapture multiple times.
