Crypto: Ethereum Risks Going Under $1.5k As Vitalik Buterin Sells ETH 'faster'

The Ethereum co-founder still has over 7,000 ETH left to sell, a supply overhang that could push the ETH price lower in the coming days.

Ethereum’s native token, Ether (ETH), is on track to test and potentially break the $1,500 support level in the coming days.

Ethereum has entered the breakdown phase of its prevailing bearish continuation pattern.

ETH price may decline below $1,500 by early March amid founder-led selling.

On Monday, ETH’s price dropped by more than 5.60% to about $1,850 amid a broader de-risking sentiment led by nervousness surrounding tariffs.

In doing so, the biggest altcoin broke below the lower trendline of its prevailing bear pennant pattern, with rising volumes indicating traders’ conviction behind the breakdown move.

A bear pennant breakdown typically resolves when the price falls by as much as the previous downtrend’s height.

Applying the same principle to ETH’s charts would bring its downside target to $1,475, close to the psychological support level of $1,500, by the end of February or early March.

Related: Ethereum price: Classic chart pattern puts sub-$2K ETH in focus

The bulls must therefore reclaim the pennant’s lower trendline as support, followed by a continued rally above the 20-day exponential moving average (20-day EMA, the green line) at $2,085, which may invalidate the bearish outlook.

Source: CoinTelegraph