This is Friday and it just looks like some people are selling a bit to lock in profits. It doesn't look like much downward pressure, unless a big market manipulator decides to change the trend...
I wanted to reply to this separately since many people who have mined out coins may have some concerns about the volatility of prices.
When you consider what happened to ETH shortly after the DAO hack (or worse, in Dec 2016), the current price fluctuations are of no great consequence. We had a "stable" price floor of around $120 less than a week ago, so I see no problem with ETH sitting at $160 now. Personally I wasn't expecting ETH to carry a price floor above $40 until after we went full PoS, so the current trends are . . . interesting indeed.
The main thing to remember is that Ethereum's value - and ETH along with it - are derived from the technology behind the entire concept. ETH is not meant to be a hypecoin. If people push its value higher than can be presently justified by the level of tech and support behind Ethereum, then it will inevitably drop. $204 (or higher) for ETH in May of 2017 just didn't make a lot of sense. Individual personalities (whales etc) may cause fluctuation around a certain point, but in the end, they can only push the value so low before people interested in the tech behind Ethereum pour their money in to buy at discounted prices.
Sure, it might trade at $325-$350 in June 2017, but why should it go up now?
It also seems like nearly every other crypto is getting bashed today. Monero, Stellar, and Ripple are doing okay-ish. BTC is down by quite a bit. Which is weird, since BTC SHOULD be experiencing gains right now (segwit etc)