10x Research: If Ethereum’s $1,600 Support Breaks, It May Drop to $1,200

Odaily reports that 10x Research stated on X platform that Ethereum is currently at the $1,600 support level. If this support is lost, the next target is $1,200, a price level seen since the FTX collapse. Ethereum (ETH-USDT) is trading below the 7-day moving average, indicating a bearish trend; it is also below the 30-day moving average, with a weekly decline of 7.4%. Ethereum executed a major restructuring, laying off 20% of its staff, which triggered a significant price drop. Warnings of a funding crisis following the expiration of key developer incentive plans further dampened market sentiment.

The spot Ethereum ETF continues to see net outflows alongside weak institutional demand, severely constraining upward market momentum. On-chain data shows asset accumulation at multi-year lows and a rising transaction failure rate, signaling cooling network demand. The news calendar is relatively light this week, with the dominant price factors remaining macro headwinds: the Federal Reserve’s hawkish stance, a strengthening US dollar, and stock market volatility.