10x Research: If ETH breaks below $1,600, the next support level will fall to $1,200.

TechFlow News, June 25: According to analysis by 10x Research (@10xResearch), Ethereum’s current price is hovering near the $1,600 support level. If this level breaks down, the next support zone would likely fall to $1,200—the price range prevailing around the time of the FTX collapse. ETH has already broken below both its 7-day and 30-day moving averages, with a weekly decline of 7.4%, generating two bearish technical signals. Fundamentally, the Ethereum Foundation’s 20% workforce reduction has dampened market sentiment, while the expiration of developer incentive programs has raised concerns about funding shortfalls. Additionally, spot ETFs continue to experience net outflows, institutional demand remains weak, on-chain data shows asset accumulation at multi-year lows, and transaction failure rates are rising. Macro factors—including the Federal Reserve’s hawkish stance, a strengthening U.S. dollar, and stock market volatility—are exerting significant downward pressure.