Ethereums only actual real use case thus far has been issuing ICO's. Billions worth of ICO tokens have been deployed by Ethereum's smart contracts.
Now imagine what would happen if governments really banned ICO's... I don't see how Ethereum wouldn't suffer from a massive crash.
Bitcoin would probably be fine, except the same idiots as always that sell at any headlines containing ban+crypto/bitcoin would also dump, but it would quickly recover. Ethereum... not so much.
Let's hope this was it for Bitcoin and we are going back to $5000 now, double bottomed and it's going up. Hopefully not heads and shoulders formation with further drop, that would suck.
The Etheruem = ICO Maker is only relevant to the Homestead version. Ethereum still has two more version updates left. It is impossible to judge Etheruem with the present standard. State regulations have just begun. There will be more and more regulations in the future. It is quite hard to determine the value with the current situation.