Waves have zero chance for replacing Ethereum because it has a small userbase, small developer team unlike Ethereum. Waves market capitalization is relatively small compared to Ethereum. When it comes to trading volume, Ethereum double Waves 30 times over.
At this point it should be clear that the waves is never going to replace ethereum, the question is if waves is ever going to grow up big enough to become a challenger to ethereum? And at this point it is really difficult for me to say that it will, despite the weakness that ethereum is showing right now it is still many times bigger than waves and when I take into account all the developments that will come for ethereum I do not see waves challenging ethereum.