There is no way to reset it like that, but you can achieve the same result by setting an increment that is equal to the current value, but negative. Then you have to get the current value once, and reset the increment to 1 (or whatever it was before).
Something like this (assuming a current value of 1420):
alter sequence seq increment by - 1420 minvalue 0;
select seq.nextval from dual;
alter sequence seq increment by 1;