I can not imagine what would happen if the ETH price fell below $ 50 probably the miners would stop working because of losses and the ICO market collapsed completely. I think the big possibility is that prices will go down further, but will not reach $ 50.
what is so hard to imagine?!! do you think ETH is worth $100000 that you find it hard to imagine $50? in that case you need to check the price again. Ether price has dropped to $80 and the lowest was $76 so there is really not that much left to $50!
also we have witnessed its drop from nearly $1500 to $80, so why is it so hard to see it go lower?!!
by the way miners have been leaving for a while now. ever since they reduced the reward and then the price dump and then ICO death... they all meant more and more miners leaving and with hashrate drop leaving the network more vulnerable.