Ethereum Drops 7.4% in Past Week, Hits Critical $1,600 Support Level

According to 10X Research, Ethereum (ETH) is trading at the critical $1,600 support level, having fallen 7.4% over the past week. The analysis firm noted that a break below this level could trigger a move toward the next significant support at $1,200.

The ETH/USDT pair is currently trading below both its 7-day and 30-day moving averages, with technical indicators showing weak upside momentum. 10X Research stated there is no strong near-term catalyst to support the price, and the direction will largely depend on macroeconomic conditions, including Federal Reserve monetary policy and U.S. dollar strength.