You should go to sleep then ETH price will fall to $40 as you think. You should take a look at price of ETH and BTC on Coinmarketcap at the moment, both price of these cryptocurrencies are rising although just a little bit so I don't think there is any chance that ETH's price will fall to $40.
I do not think so, usually after a big dump, there will be hits soon after. Last week, Bitcoin hit $ 31xx, and a return to the $ 35xx triggered the market rebounding. However, I do not think it will take long