Early Ethereum investor moves $39M ETH to Kraken

An early Ethereum (CRYPTO:ETH) ICO participant recently transferred 15,000 ETH to the Kraken exchange, valued at approximately $39.38 million.

This significant transaction follows a two-year inactivity period, during which the same address accumulated ETH now worth nearly $30 million.

The move coincides with ETH’s climb above $2,600, sparking concerns about potential selling pressure that could affect the cryptocurrency’s upward momentum.

Typically, large transfers to exchanges indicate an intent to sell, which can lead to increased market supply and downward price pressure.

According to Arkham Intelligence, this transaction signals possible profit-taking from early investors, prompting questions about whether other ICO participants will follow suit.

If more early investors opt to liquidate holdings, ETH’s recent gains may face challenges.

Ethereum’s exchange netflow data, provided by Glassnode, shows a rise to $74,266, equating to nearly $200 million.

This higher net inflow indicates potential selling pressure, as more coins are moved onto exchanges.

If this trend persists, ETH may struggle to maintain its recent price level, potentially capping gains.

Currently, Ethereum trades around $2,662 but remains within a descending channel—a technical formation that suggests continued downward pressure with resistance and support levels defined by parallel trendlines.

For ETH to break this pattern, a significant upward move is required to push past the upper trendline.

Without this breakout, resistance at higher levels could limit further gains, with potential declines to $2,554.

On the positive side, if buying pressure intensifies and other early investors hold their positions, ETH could defy current forecasts and reach $3,264.

However, sustained upward movement depends on market sentiment and whether additional sell-offs occur.

For now, investors are closely watching for signs of further transactions from early participants that could influence ETH's short-term price trajectory.

At the time of reporting, the Ethereum price was $2,867.18.