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Vitalik Buterin, the co-founder of Ethereum recently presented a three step transition plan for maximizing ETH blockchains success. For the native token of the second-largest blockchain in the crypto ecosystem, the $1,500 level is key support.

Also read: Weekly Roundup: Binance.US halts fiat services, Coinbase does business as usual, XRP hits key milestone

Ethereum networks co-founder has proposed a major transition for the Ethereum blockchain that is likely to change the relationship between ETH users and their wallet addresses. Buterins proposal addresses the challenge of scalability and high transaction costs. Find out more about the transition here.

To put it plainly, the transition is expected to boost Ethereums utility and adoption among users. This fuels a bullish thesis for the altcoin and could catalyze ETH price recovery in the long term.

Post the tumultuous events of last week, regulatory crackdown from the US Securities and Exchange Commission (SEC) and UKs Financial Conduct Authoritys shifting stance on crypto, Ethereum price crumbled.

ETH price declined nearly 4% since June 4, from $1,916.67 to $1,844.74 on June 10, based on data from the ETH/USD one-day price chart on Binance.

Ethereum price is battling intense selling pressure from the US SECs regulatory crackdown on cryptocurrencies. The altcoin slipped below the $1,800 level, key support for Ether. At the time of writing, ETH is exchanging hands at $1,748.12.

Based on data from crypto intelligence tracker IntoTheBlock, the $1,500 level is the next key support for Ether. 1.91 million wallet addresses have scooped up Ether between the $1,509.38 and $1,566.68 level. At the current price, 40.11% wallet addresses holding Ethereum are profitable.

In/Out of the money data from IntoTheBlock

If selling pressure on Ethereum intensifies, the altcoin could slip to support at $1,500. A decline below critical support could signal a long-term bearish trend in the altcoin.

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Vitalik Buterin proposed this roadmap for Ethereum as the altcoin battles intense selling pressure - FXStreet