It is early to pass judgment on Elder Kraken, and I am sure he will need a few tweaks, but there is one area that already appears in need of some work to make him more fun to play:
Elder Kraken Traversal Issues
The traversal feels clunky, when going uphill you tend to just touch back down right away, often you are so low to the ground that your path is blocked by wildlife like striders, and it feels like you are always being pulled back to the ground.
Elder Kraken needs some altitude in order to properly aim some of his abilities, and the Chain Lightening works best on hunterst below you so it can be rendered almost useless when Kraken is touching the ground.
Give E Kraken a stable hover height of 2-3 meters above the ground when using his traversal. He should still be able to burst upwards, but should quickly fall back to the hover height. The point is to enable E Kraken to travel uphill smoothly and not be obstructed by wildlife like mammoth birds, striders, and magamouths when traversing. Make hunter CC slow him down or hold him in place, but allow him to still maintain the hover height since he will be within range of the hunters weapons at that height. This will also help the monster player have a decent perspective to aim and use all of the abilities effectively. It will also make his traversal a little more uniqued and distinctive.