10x Research: If Ethereum loses $1,600 support, it may drop to $1,200

CoinFeed June 25 news, according to 10x Research analysis, Ethereum is currently at the $1,600 support level. If this level is lost, the next target is $1,200 — the retracement level since the FTX crash. Ethereum's current price is below the 7-day and 30-day moving averages, with a weekly decline of 7.4%. The Ethereum Foundation's recent 20% staff layoff triggered a significant price drop, while warnings of a funding crisis after the expiration of key developer incentive programs further dampened market sentiment. Continuous net outflows from spot Ethereum ETFs and weak institutional demand severely limit upside potential. On-chain data shows asset accumulation hitting multi-year lows, while rising transaction failure rates cool network demand. Market news is light this week, and price drivers remain macro headwinds: the Fed's hawkish stance, a stronger US dollar, and stock market volatility.