Log based Ethereum chart indicates that we are now sitting on both trend support and, more importantly, the .382 retracement from the move from all time lows. Interesting that all that panic in the markets has still only yielded a relatively small correction. We are likely to bounce here before reaching an inflection point for Ethereum around $322. A failure takes us to the low $200s.
Comment:
I should note that the recent pattern is rather similar to the March downturn, which retested the .5 retracement before moving to new highs. We saw similar moves on 6/26 and 6/27 before moving up to try $322. Now that $261 has held, a retest of the highs seems likely. I expect that to be the inflection point (roughly a week out).