My worry right now is that, is it going to drop worst more than it has already and what are the chances of it pulling up within the shortest possible period?
In my opinion, besides bitcoin, ETH is the currency that is accepted by the free market with the largest adoption, it has formed almost a habit among most investors or even adoption. There is nothing to worry about in ETH. The current drop is in the cycle but it is short term. I think you should stop watching the price often and reduce the stress. What is your plan or strategy it will determine your status!
That is due to the fact ETH network is heavily used by crypto developers to launch their own tokens. It's the most popular chain for altcoins' development. It makes me believe ETH isn't going to be overcome soon by any other competitors. So far Ethereum is following Bitcoin trend, also rising in price. It has come from 6300$ on 1 January to 8000$ on the currently moment. That is almost 30% price increasement. Looks decent for me.