Yes, the probability to see ETH at $200 or less is getting very high now. That's really bad for the ETH. Other altcoins did drop too, but ETH is one of the worst. Shitcoins are doing better... Like Bitcoin Diamond.
Did anybody advise at the spring '18 that ETH can cost $240? It's a surprise. And for ICO team special. If they don't fix some budget in the fiat I don't envy them today. ETH in the last time have correlation more then 1 to BTC price 
It dump faster then BTCETH suppose to one of the best and legitimate crypto after Bitcoin. Can believe the price dipped so much.
I think the price drop is likely due to market manipulation. Because at below $230, it doesn't make economical sense anymore for the miners. They will be just barely cover the cost of operation (electricity + rent) and the (already sunk) cost for the rigs, not to mention not making any profit in the long run.
Hope there will be real initiative from Ethereum Foundation to prevent the price from free falling further.