I think it will go back to ico prices or lower so < $1.00
i am not denying the fact that ETH is going down and may even die but going back to $1 price will take a long time and lots more dumps by everyone including whales to get there.
and don't forget ETH has always been a manipulated coin and not much has changed in that front.
I also believe Ethereum will lose more and more in value over time.Look at the all time chart.
There is no bottom found yet.The last short pump was just another attempt to get some more dumb money in, so that whales and probably devs can continue cashing out or switching to other coins.
True,it even break the support level which means the trend or movement will go deeper and same as you said whales are probably cashing out their eth and might have transfer to another coin. Well i cant still conclude since ETH is not dead for now as long theirs a movement.