Ethereum Price Tumbles Amid Market Selloff and Staff Cuts

Ethereum's price plummeted by over 5% to around $1,660 as the broader crypto market experienced a significant decline. This sell-off is compounded by the Ethereum Foundation's decision to cut about 20% of its workforce in a restructuring effort aimed at focusing on key development areas.

The move has raised concerns about the foundation's future execution and added uncertainty to Ethereum's short-term outlook. Key support levels to watch are $1,600 and $1,700; a break below $1,600 could lead to further declines, while holding above may signal stabilization if the crypto market recovers and the foundation clarifies its direction.