I'd say Dash is actually doing pretty impressively in the face of it. It's only drifted a little bit against bitcoin and BTC has gained against fiat.

Ethereum was always going to moon to some level if they pulled it off to first base which was basically implementing the language without blowing up. They've done that and there are companies piling in now to take advantage of all the use cases that present themselves.

What to look out for is if it causes a fundamental shift in the landscape - i.e. an avalanche if disinvestment from bitcoin. That hasn't happened yet. ETH is still a hedge for most investors. We already went through all this with Litecoin which - although it may seem like nothing now - was a huge improvement on Bitcoin in its day. It shot up like Ether is doing now and got to 25% of Bitcoin's marketcap. Ether is currently only at around 8%. The question is, will its success do one of two things:

[A] - invoke a catapault effect on Bitcoin by pulling in a lot of new external money and propelling Bitcoin to new highs (complimentary influence)

(B) - invoke a competitive migration from one to the other and hole Bitcoin beneath the waterline (adverse influence)

[A] would actually be great for Dash (hope for the Ether pump to continue). (B) not so great (hope for it to burst).

We'll just need to wait and see but my bet is on [A] at the moment since I think investors are buying money more than technology, but this is all uncharted waters (well - slightly charted actually, see below).

The precedent is Litecoin. Have a look at the Bitcoin and Litecoin charts from 2013. Switch to the 1-Week range (top left) and wind back to 2013 (just grab the chart anywhere in the black area and push it to the right). Litecoin popped in November and there was Litcoin fever which drove it up twice the height Ethereum is now. Then exactly 1 month later Bitcoin popped and went off on a similar screaming pump.

If we really are in a monetary asset market then newcomers like Ethereum could have an extremely favourable effect on the market in general since the more diverse and capitalised the range of offerings gets, the more gravity it will have for investment outside of the croney bitcointalk sphere.

In my street 30 years ago there were two coffee shops. It was a residential area - starting to be a bit trendy but it still had a down to earth residential economy such as butchers, grocers etc. 30 years later it's now the hippest square mile in the city. There are about 30 coffee shops, a cinema, a theatre and a luxury supermarket. Anyone selling coffee there can charge about 3 times the price they could 30 years ago adjusted for inflation despite the fact that there's 15 times the competition.

Got to look at these things from all angles