Data compiled by Woofun AI shows that ETH is testing the $1,600 support level, with a breakdown potentially exposing the $1,200 retracement zone established after the FTX collapse. The asset trades below its 7-day and 30-day moving averages, reflecting a weekly decline of 7.4%.

Woofun AI reports that recent 20% layoffs at the Ethereum Foundation and concerns over expired developer incentives have weighed on sentiment. Continuous net outflows from spot ETH ETFs and weak institutional demand constrain upside, while on-chain metrics reveal multi-year lows in asset accumulation and rising transaction failure rates. Macro factors, including a hawkish Federal Reserve stance and a strengthening dollar, continue to drive price action.