# Ethereum Battles to Maintain Crucial $2.8K Level Amid Price Volatility By Sheena Jordan Canonical URL: https://www.tokenpost.com/news/business/12589 Published: 2024-08-05T02:38:24.000Z Updated: 2024-08-05T02:38:24.000Z Section: Business > Ethereum's price is hovering near a crucial support level at $2,800, sparking concerns among traders about a potential price drop below this point. Ethereum's price is hovering near a crucial support level at $2,800, sparking concerns among traders about a potential price drop below this point. Ethereum Holding Crucial Area of Support Crypto traders are predicting that if Ether fails to hold a major support level, it might lead to a slide below $2,800. The price is now holding close to this level. "Ethereum is holding onto the crucial area of support," wrote Michael van de Poppe, founder of MN Trading, in an Aug. 3 X post. Van de Poppe went on to say that if it can't hold, it might have an effect on Ether of about 4% and send Bitcoin, which is currently trading at $60,717, into a zone where traders don't know what to expect. Van de Poppe stated: Ether Price May Fall Below $2,800 [Cointelegraph]() shares that the price of Ether can fall below $2,800 before it starts to rebound, according to some traders. A cryptocurrency trader going by the name of Crypto Wealth wrote: Bitcoin trader Poseidon tacked on: At the time of publishing, Ether was trading at $2,885, a decrease of 11.09% from July 28, as reported by [CoinMarketCap](). According to data from [CoinGlass](), a small drop to $2,800 will eliminate $259.46 million in long bets. Van de Poppe noted that, given the present volatility of Ether, a rebound may be possible soon. "If that doesn't happen and we rotate back up from here, it's party time," he declared. ETF Activity and Market Impact This follows a week in which spot Ethereum ETFs saw a range of activity, from inflows to outflows. Outflows totaling $169.4 million were recorded from July 29 to August 2, according to [Farside]() statistics. Cointelegraph spoke with Katalin Tischhauser, head of investment research at Sygnum Bank, on August 1st, and she informed us that spot Ether exchange-traded funds might reach $10 billion in AUM this year. [TokenPost]() | info@tokenpost.com ## Links in this article - [Cointelegraph](https://cointelegraph.com/news/ether-price-support-level-crucial-crypto-traders) - [CoinMarketCap](https://coinmarketcap.com/currencies/ethereum/) - [CoinGlass](https://www.coinglass.com/pro/dashboard/bitcoin) - [Farside](https://farside.co.uk/?p=1518) - [TokenPost](https://www.tokenpost.com)