7 weeks, spotting, no baby on ultrasound

Yesterday I started having light brown spotting, which was also the day of my dr appt. He said it's probably nothing, but I was worried bc my symptoms have lessened. Spotting increased today, so he told me to go get an emergency ultrasound, which showed a round but empty sac--no baby. My HCG level yesterday was about 3500, which seems low, as it was 111 on 8/5. He is thinking maybe I'm not as far along as I thought, but I don't see how that's possible--my last period started 7/9, my husband and I haven't done it since TTC 7/17-23rd, and I got a positive digital home test 8/2 that said 1-2 weeks since ovulation. My doctor isn't worried, but I've already had one miscarriage and I'm panicking. Any chance that I'm only 5 weeks?