Ethereum Drops to $1,600 Support, Could Fall to $1,200 If Level Breaks

ETH-0.99%
According to ChainCatcher, citing analysis from 10x Research, Ethereum has touched the $1,600 support level this week. If this level breaks, the next target would be $1,200, marking a retreat level not seen since the FTX collapse. Ethereum has declined 7.4% over the past seven days and is trading below both its 7-day and 30-day moving averages. The Ethereum Foundation's recent 20% staff reduction and expiring developer incentive programs have dampened market sentiment, while sustained outflows from spot Ethereum ETFs and weakening institutional demand are limiting upside potential.
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