Summit: If 1500 breaks, could Ethereum go to 1200? Is 10x Research being alarmist or issuing an early warning?

10x Research made a rather frightening assessment—Ethereum has already touched the 1600 support level this week. If it fails to hold, the next stop is 1200, returning directly to the level during the FTX crash.
Several bearish factors are indeed on the table:
• Ethereum Foundation lays off 20% of staff, morale affected
• Developer incentive program expires, ecosystem activity under pressure
• Spot ETFs continue to see outflows, institutional demand weak
• Price trading below the 7-day and 30-day moving averages, technically bearish
Down 7.4% in the past seven days, this position is indeed at a point where direction must be chosen.
But to be honest, at the 1500 level, both bulls and bears are watching. Breaking through means a chain reaction; holding means a double-bottom structure. 10x Research has always taken a macro perspective, and their judgment leans more toward trend projection rather than short-term trading signals.
The key is position sizing—don’t bet all your chips on one direction. Before the trend becomes clear, it may be better to watch more and act less.$ETH
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