Ethereum's price has dropped below the crucial $2,800 support level, sparking concerns of a further decline to $2,400. Analysts have observed a weakening market structure as multiple support zones have been breached across various timeframes. Traders are now focusing on price movements around $2,600 and $2,400. If Ethereum fails to recover above $2,800, it could pave the way for a decline towards the $2,500 zone, with additional downside risks if the weekly channel breakdown persists.