Ethereum's native token, Ether (ETH), is poised to test and potentially break the $1,500 support level. The cryptocurrency has entered a breakdown phase of its prevailing bearish continuation pattern, with potential declines below $1,500 by early March.
ETH's price dropped over 5.60% to approximately $1,850, breaking below the lower trendline of a bear pennant pattern. This technical breakdown, supported by rising trading volumes, suggests a downside target near $1,475.
Ethereum co-founder Vitalik Buterin's planned ETH sales are also impacting the market. Buterin announced plans to sell 16,384 ETH to fund ecosystem initiatives. Onchain data indicates approximately 9,000 ETH have already been sold in batches, with the pace accelerating recently. This founder-led selling, coupled with technical indicators, increases the odds of ETH hitting its target below $1,500.
