Ethereum Co-founder Sparks $157M Sell-Off Fears as ETH Struggles Below $2k

Ethereum co-founder Jeffrey Wilcke is suspected of selling ETH, adding to recent Ethereum sales by Vitalik Buterin. The activity comes as Ethereum continues struggling below the $2,000 level, repeatedly reclaiming it before slipping back under. 

Ethereum Co-Founder Sell-Off Concerns

Ethereum co-founder Jeffrey Wilcke is suspected of selling 79,258.61 ETH valued at about $157 million. According to Lookonchain data, the funds were moved to the Kraken exchange through four addresses. The transfers appeared after roughly seven months of inactivity.

The monitoring firm stated the wallet still holds 27,421.73 ETH on-chain. That remaining balance carries an estimated value of about $54.37 million. The timing comes as the price struggles to hold above the $2K price zone. 

Price Holds Trades Below $2K

The price action has remained volatile during the week. At press time, the Ethereum price traded was at $1,976 after rising about 0.35% in the previous 24 hours. Earlier in the week, Ethereum rallied from roughly $1,900–$1,950 to a local peak near $2,180 on March 5. 

The move formed a strong bullish impulse. However, the rally later reversed. The ETH price value dropped toward the $1,960–$1,970 zone. Ethereum now trades sideways between $1,975 and $1,990.

Source: TradingView

Immediate support is near $1,960. Psychological resistance is at $2,000, followed by the $2,040–$2,080 range. According to analyst Ted, treasury companies have reduced Ethereum purchases. 

He said companies slowed buying as ETH trended lower in recent months. He added that the next Ethereum key support zone is between $1,850 and $1,900. Meanwhile, broader market conditions have also affected Ethereum prices. 

Rising tensions in the Middle East have pushed oil prices higher, with crypto traders predicting an oil surge to $100. Digital assets weakened during that period. Ethereum spot ETFs also recorded large outflows. 

According to SosoValue data, total net outflows reached $82.85 million in one day. Fidelity’s FETH recorded $67.57 million of that amount. SosoValue data shows FETH’s cumulative historical net outflows have reached $218 million.

Other ETH Sales Add to The Scrutiny

Meanwhile, Vitalik Buterin also sold part of his holdings last month. As CoinGape reported, Buterin sold 17,196 ETH in February. Those sales carried an estimated value of about $35 million.

Arkham reported that the amount represents roughly seven percent of his Ethereum holdings. Buterin started the year holding more than 240,000 ETH. His balance has since declined to about 224,000 ETH.

Meanwhile, Lookonchain reported that an Ethereum ICO wallet transferred funds after more than a decade of inactivity. The wallet labeled “0xF37b” moved 100.275 ETH to a new address.

The transfer comes after 10.6 years without activity. The investor originally committed only $124 during the Ethereum ICO. That allocation of 401.1 ETH is now worth roughly $835,000. The return is about 6,716 times the initial investment.