the short answer is no, it has no effect on bitcoin or its existence in long term. the big market may suck in some money from bitcoin market for a short time but it will all come back.

long answer is that etherum is a project that started some time ago by some people notably the developer called Vitalik Butt and its main purpose is to make them money. in this process they firsts secured themselves 72 million ETH tokens and then started the crowdfunding, advertising, bribing, paying news sites to publish false information, paying poloniex for pumps, ... and have been earning a lot of money.

it is also a platform that made creation of ICOs easy. and the only way to invest in these scams is to buy ETH tokens that is why its price went up!

now to address your second question.
ethereum is not even a currency to even want to start threatening bitcoin. it is a useless token belonging to a buggy crypto contract project. it has a lot of big problems, the one that is becoming obvious these days is its extremely high transaction fees. it also has a serious scaling issue, an expensive way for developers to start a new project on it and another DAO can easily happen and can lead to loss of a lot of money (it recently caused a Canadian exchange to lose 14 million dollar)