At first, the drop resembled the worst-case, but ETH soon recovered (as did the market). This leads me to think the second scenario is likely and $144 will be hit.
If we look at prior price action, there is really no real support (as in 2017 ETH saw ICO-driven irrational exuberance).
As its price drops, people start to question the fundamentals more. Whether ETH will improve on that front remains to be seen. Since it's really the first and many have followed, it's possible that an alternative will eventually replace its position. Still, at the moment ETH is likely to remain the favorite. This means when there's blood on the street...
Here's the last post: