Analysis: ETH is currently at a key support level, and if it breaks down, it may lead to a price drop below $2800

ChainCatcher news, according to Cointelegraph, cryptocurrency traders analyze that Ethereum's price has currently reached a critical support level and is at a tipping point. If it fails to hold, it may lead to a drop below $2800.

Michael van de Poppe, founder of MN Trading, stated, "If this key level is lost, Bitcoin may test $60000, and Ethereum will test $2800 as the last major correction."

Anonymous cryptocurrency trader Crypto Wealth believes, "The only other level the price might reach before a full reversal is around $2700."

Anonymous cryptocurrency trader Poseidon added, "At this point, the price should sweep below the $2800 low and test weekly demand, with a fluctuation range around $2500-$2700."