Ethereum Foundation Sale Fails to Push Ether Below $2,500, What to Expect

• Ethereum owns recent gains and trades above $2,500 on Saturday.
• The Ethereum Foundation has downloaded an additional 300 Ether from their holdings on the on-chain data.
• Ethereum trades at $2,552, marking weekly gains of nearly 5%.

Ethereum (ETH) is trading at $2,552 on Saturday. The second largest cryptocurrency by market capitalization is seeing a steady increase in supply on exchanges.

The Ethereum Foundation recently sold Ether, adding to the supply of altcoins on exchanges.

Ethereum Foundation Sells More Ether, Increases Selling Pressure

Ethereum supply on exchanges rose 2.5% in September, according to on-chain data from Santiment. Lookonchain, a crypto tracker has identified that the Ethereum Foundation sold 300 Ether worth $763,000.

Ethereum supply on exchanges and price

The foundation sold a total of 3,466 Ether worth $9.67M at an average price of $2,791. The institution averaged one sale every 11 days and sold nearly $421,000 worth of Ethereum tokens each time.

The altcoin is facing selling pressure from increasing Ether transfers to exchanges. Higher reserves of ETH on exchanges increase the availability of the token to sell and push prices lower as a result of more selling pressure.

Ethereum has held on to recent gains, up nearly 5% on the weekly time frame, trading at $2,552 at the time of writing. The $2,500 level is a key support level for the altcoin.