This support lies just above the $3,200 level, which the Ethereum price had managed to maintain through the market crash. This puts the critical level at the 0.5 Fibonacci support, which currently serves as the next make-or-break level for the cryptocurrency.
Such a decline would mean an over 30% crash for Ethereum, on top of the already struggling price. Therefore, it is imperative that bulls hold above $3,200 to prevent further decline.
