Analysts say Ethereum's price must hold this key level to avoid a capitulation-level move

The cryptocurrency market experienced another day of pain on May 12, as the fallout from Terra's LUNA and UST plunge continues to reverberate through the ecosystem.

While UST coverage and its impact on Bitcoin (BTC) have been widely covered in recent days, the pullback has also had a significant impact on the price of Ether (ETH) as traders rushed to exit the market.
Data from Cointelegraph Markets Pro and TradingView shows that the last seven days of selling drove Ether down to USD 1,701, a price not seen since July 2021.

Here's what several analysts are saying about Ethereum's prospects and what support and resistance levels to watch closely.

Ether needs to regain $2,250
The overnight plunge to the USD 1,700 range was documented by cryptocurrency analyst and anonymous Twitter user 'Rekt Capital', who published the following chart outlining the major support and resistance zones for Ether.
In the event of a further price breakout, Rekt Capital indicated that the blue area on the chart is the "next major support below ~USD 1,720", which is near USD 1,350.

Bounce off the summer 2021 lows.
Insight into what Ether's price action may look like should it head lower was provided in the following tweet by 'Crypto Feras', who reflected that just a few weeks ago it sounded crazy to talk about Ether falling to these levels.

"It is very possible that we will retest the January 2018 highs around USD 1,550 in the next 24 hours. If/when we break below that former resistance level, it will be another bearish signal."