The Ethereum Foundation has sold additional Ether, increasing the selling pressure on the market
According to on-chain data from Santiment, Ethereum’s supply on exchanges increased by 2.5% in September. Lookonchain, a crypto intelligence tracker, revealed that the Ethereum Foundation sold 300 Ether, valued at $763,000.
Ethereum Supply Exchanges and Price
The Ethereum Foundation has sold a total of 3,466 Ether, valued at $9.67 million, at an average price of $2,791. The organization has been averaging one sale every 11 days, with each transaction amounting to nearly $421,000.
The altcoin is facing selling pressure as Ether transfers to exchanges continue to rise. With higher ETH reserves on exchanges, the increased availability of the token puts downward pressure on prices due to heightened selling activity.
Despite this, Ethereum has maintained recent gains, up nearly 5% on the weekly chart, and is currently trading at $2,552. The $2,500 level remains a critical support zone for the altcoin.
