In the midst of an eventful week for the cryptocurrency world, Ethereum took the spotlight with a significant sale.

On Oct. 9 2023, a wallet affiliated with the Ethereum Foundation made headlines by selling 1,700 $ETH , as reported by Lookonchain. The transaction amounted to an impressive 2.74 million USDC, valuing each #ETH at $1,611, and the sale took place on Uniswap.

This move leaves the mentioned Ethereum Foundation address with a remaining balance of 240,678 ETH, along with 7,096 $USDC , 49,658 $DAI , and 10,125 $ARB tokens.

Following the headlines, crypto enthusiasts started speculating whether the Foundation's sale could mark a local top for the markets. In the past, the #Ethereum foundation successfully sold a chunk from its wallets at local tops as per the following graph.

ETH Foundation's sales marked on Ethereum's graph

With the news of the sale circulating around the internet, ETH's price took a 3% dump as the #ETH #BTC pair continues to struggle.