Ethereum is steady above $2,500 even as The Ethereum Foundation sells 300 ETH on Friday
- Ethereum holds recent gains and trades above $2,500 on Saturday.
- The Ethereum Foundation offloaded another 300 Ether from their holdings, per on-chain data.
- Ethereum trades at $2,552, marks nearly 5% weekly gains.
Ethereum (ETH) trades at $2,552 on Saturday. The second largest cryptocurrency by market capitalization notes a steady increase in supply on exchanges.
The Ethereum Foundation recently sold Ether, adding to the supply of the altcoin on exchanges.
Ethereum Foundation sells more Ether, adds to selling pressure
Ethereum supply on exchanges climbed 2.5% in September, per on-chain data from Santiment. Lookonchain, a crypto intelligence tracker identified that the Ethereum Foundation sold 300 Ether worth $763,000.
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Ethereum supply on exchanges and price
The Foundation has sold a total of 3,466 Ether worth $9.67 million, at an average price of $2,791. The institution has averaged one sale every 11 days and sold Ethereum tokens worth nearly $421,000 each time.
The altcoin faces selling pressure from mounting Ether transfers to exchanges. Higher ETH reserves on exchanges increase the availability of the token to sell, and pushes prices lower as a result of higher selling pressure.
Ethereum held on to recent gains, nearly 5% on the weekly timeframe, trades at $2,552 at the time of writing. The $2,500 level is a key support level for the altcoin.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
