Ethereum's price is under pressure, with Vitalik Buterin selling ETH. This triggered a technical breakdown, as the cryptocurrency dropped below key support levels. A head-and-shoulders pattern confirmed the bearish trend, potentially targeting the $1,820 zone. Investors should watch the $1,800 area as a critical near-term downside risk.

Following the breakdown and Vitalik's sales, large holders, or whales, also began selling. Their holdings decreased by approximately 140,000 ETH, worth over $290 million. Long-term holders, who usually hold, also started reducing their positions. This synchronized selling suggests weakening conviction across different investor groups.

On-chain data indicates a strong supply cluster near $1,880, potentially serving as support. If this area fails, the next downside target could be around $1,560. The bearish setup would weaken if Ethereum reclaims $2,270 and then $2,700.

This shift in sentiment follows a period of stagnation in the crypto market. Traders are closely monitoring if the $1,800 support level holds, which could determine the short-term direction of the cryptocurrency. Investors are advised to be cautious given the current market conditions.