Ethereum’s Ether is on track to test and potentially break the $1,500 support level in the coming days. ETH price may decline below $1,500 by early March amid founder-led selling, with the bear pennant breakdown targeting $1,475. Ether bear pennant dynamics suggest a downside toward roughly $1,475 near the $1,500 psychological level by late February or early March. Vitalik Buterin may sell more ETH soon, after announcing on Jan. 30 that he would withdraw and sell 16,384 ETH via his Kanro entity to fund ecosystem work, open-source software and other long-term initiatives during a period of mild austerity at the Ethereum Foundation.
Since early February, onchain tracker Arkham Intelligence has flagged about 9,000 ETH sold in batches, with the pace picking up again over the past 48 hours after a 3,500 ETH withdrawal from Aave. Vitalik Buterin “is selling ETH faster again,” said onchain monitoring resource, Lookonchain, on Monday. Ethereum’s price has dropped 18.55% so far in February, aligning with Buterin’s ETH distribution. The overhang could grow if he liquidates the remaining ~7,350 ETH.
History shows how founder-linked supply, including Ethereum Foundation treasury transfers, can amplify bearish sentiment among traders. For instance, the May 2021 35,000 ETH transfers (about $125 million at that time) preceded a 50% ETH price drop within weeks. Later, the foundation transferred another 20,000 ETH ($95 million) to Kraken on Nov. 11, 2021, a move that, in hindsight, coincided with Ether’s price peaking near $4,700 before the next leg lower. Such conditions further increase ETH’s odds of hitting its pennant target below $1,500 in the coming days.
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