Ethereum Sell-Off Fails to Push Ether Below $2,500: What’s Next?

• Ethereum remains resilient, trading above $2,500 on Saturday.
• Ethereum Foundation offloads 300 Ether, according to on-chain data.
• Ethereum stands at $2,552, reflecting a 5% gain over the past week.

Ethereum (ETH) maintains its strength, trading at $2,552 on Saturday. The second-largest cryptocurrency by market capitalization is witnessing a steady influx of supply on exchanges, despite the recent Ethereum Foundation sell-off failing to push Ether under $2,500.

Recently, the Ethereum Foundation divested more Ether, contributing to the growing supply of this altcoin on various exchanges. This maneuver, however, hasn’t pushed Ether below the critical $2,500 mark.

Ethereum Foundation’s Sell-Off and Its Impact on Ether’s Price

According to on-chain data from Santiment, the Ethereum supply on exchanges surged by 2.5% in September. Crypto intelligence tracker Lookonchain reported that the Ethereum Foundation sold an additional 300 Ether, valued at approximately $763,000. Such activities generally augment the selling pressure on ETH prices.

Ethereum supply on exchanges and price

Since its initiation of sales, the Foundation has offloaded a total of 3,466 Ether, amassing approximately $9.67 million at an average price of $2,791 per token. They have averaged one sale every 11 days, each worth roughly $421,000.

Discussing the Future of Ethereum’s Price

Although heightened reserves of ETH on exchanges usually suggest an increased potential for selling — thereby exerting downward pressure on prices — Ethereum has managed to maintain its weekly gains. Currently trading at $2,552, the cryptocurrency holds a nearly 5% rise over the past week. The $2,500 level continues to act as a significant support threshold for Ethereum.

The ongoing actions of the Ethereum Foundation alongside market behavior seem pivotal in determining the forthcoming shifts in ETH pricing. Stakeholders and investors should remain attentive to these developments.

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