We bought a house with above ground pool.We have a winter cover on it,treated for winter but the water level has really dropped.Does water come through those covers?I'm afraid with the low water level it will collapse the sides.What should I do?I have removed the ice and water off the cover so it would not pull cover and sides in.;)

There isn't much you can do now if the surface water on top of the cover is now frozen. You pool water level should not be dropping unless you have a leak, it could just look like its dropped with new surface water pushing down on the cover. When winterizing you drop the water level to a few inches below the skimmer hole and then cover. The cover should float on the water and not be so tight that its like a drum over the pool side walls. I'd just wait for Spring at this point.