Although the sky does seem cloudy for ETH, we can find solace in the knowledge that $168 seems to be the minimal price the markets will accept. Unfortunately, we are but one breakdown from testing this level once more. The more time ETH spends around this level, the more confident it will to foray further into correction territory. However, it is highly likely that we will see some much needed buying before then, even if it's short-lived.
If ETH continues to break levels after $168, the next level of support is $155 or so, which corresponds to the alignment of a Fibonacci level and previous levels. Things take a dramatic turn for the worse if these levels do not hold, since they appear to be the only major levels in the $100 handle. After that, we look for $97, a Fibonacci level very close to the psychologically significant $100 mark.
If we're right and ETH bounces off $168, we can expect resistance at $200 which is psychologically significant and aligns with a Fibonacci level. After that, we have $225 and $250, which are both psychologically and technically significant. There is $243 in between, which is a strong Fibonacci level. If we can push through all these levels, we are ready to think about the $300 handle, but the way this market has been evolving, there is no indication that we will be ready for such discussions until 2019 at the earliest.
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