Analysis: After ETH broke below the $2,000 key support level, retail investors showed a "buy the dip" sentiment, which may indicate further downside potential.

BlockBeats News, May 28th, the cryptocurrency market research firm Santiment stated in a post that ETH has dropped below $2,000 for the first time since March 29th. Usually after a significant price drop, the market experiences two typical emotions: one is retail investors falling into FUD due to weak performance, and the other is seeing the drop as a "buying the dip" opportunity fueled by FOMO. Santiment pointed out that the latter is currently happening in the market. With ETH breaking below a key psychological support level, many retail investors are starting to "buy the dip."

The firm believes that this usually means ETH's price may still have further room to fall, as retail sentiment is currently overly optimistic, and historically, the general public tends to make incorrect judgments. Santiment stated that a better buying opportunity typically arises after the market FOMO cools off and sentiment shifts towards panic.