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%Ethereum (CRYPTO: $ETH ) co-founder Jeffrey Wilcke transferred 1,500 ETH, worth around $6 million to Kraken on Thursday. Onchain analytics platform %Lookonchain confirmed the movement, as Ether fell from $4,000 to approximately $3,936.

https://twitter.com/lookonchain/status/1971242176605720666

Wilcke's recent transaction is the most recent in a series of major deals. In August, he transferred $9.22 million worth of ETH to the same crypto exchange. In the past, he had moved some $262 million in ETH prior to redistributing those funds to new wallets.

Although the transfer of tokens to an exchange deposit address is often an indication that a sale may be about to occur, it is not an absolute indicator of liquidation. Wilcke has previously reposted commentary on X suggesting that he could continue to sell ETH in the future, adding to speculation around his recent activity.

While Wilcke's transfers were of interest, general whale activity overrode the move. At least 15 large wallets purchased over 406,000 ETH - worth $1.06 billion - in the last two days. Purchases came from major service providers such as BitGo, %GalaxyDigital (NASDAQ: $GLXY ), FalconX and Kraken. The accumulation indicates large hands taking positions on the current price decline.

Market Pressure Intensifies Around $4,000

Ethereum has been heavily volatile, losing 13% in the past week. The crash initiated liquidations, such as one whale who lost $45.3 million due to a long position of 9,152 ETH valued at $36.4 million which was liquidated when the prices dropped below $4,000.

The $4,000 level has now emerged into a serious support level. According to market analyst Trader Mags, ETH is challenging this area following 1,127 days of consolidation. A daily closing below $4000 may be a sign that there is a more general trend to the downside.

CryptoQuant data also indicates substantial exchange outflows, with more than 343,900 ETH leaving trading platforms in the recent past. Historically, persistent outflows deplete exchange supplies, but during the most recent downturn, the effects of this have been more than offset by short-term selling pressure.

Source: CryptoQuant

Wilcke is the co-founder of Ethereum in 2013 and was actively involved in development until 2018, earlier he was a holder of huge ETH amounts. His recent movements show how much control early stakeholders have over market sentiment. However, institutional players and high-net-worth investors seem to be signaling confidence through the purchase of more whales on a larger scale.

Ethereum is currently trading at $3,936.17 with a 3% decrease in the last 24 hours. The larger market correction is still taking its toll on sentiment, and Bitcoin and other major cryptocurrencies are also on the hook for recent gains. For Ethereum, the outcome of upcoming sessions will be important in judging whether the buyers will hold the $4,000 level or if the downturn continues deeper towards lower supports.