Bubble or not, it is now widely known and taken seriously in the crypto community, just see the number of Ethereum topics on the first page of this board. This is the sort of recognition which will help it in the long run.
It is here to stay. Even if it retraces 70% that is still a huge market.
No doubt it is here to stay, just like 99% of all other alts like paycoin. It may bubble up again but in the long haul I expect it to slowly capitulate and remain one of many "turing complete" blockchains that is used for testing and some unique and yet to be determined limited scenarios. I wouldn't be surprised if this bubble is the highest anyone will ever see it.
Being Turing complete is somewhat of a marketing gimmick and not necessarily a "good thing" . Certainly not something you would ever treat as a currency , and extremely questionable if being used as a very inefficient script fuel will every have a place. The only thing i can perceive as a potential use case is cross atomic swaps but than again this can be done with cheaper more secure clones or sidechains secured by the btc blockchain , or other technologies like bitsquare.
One of the large warning signs is the amount of shill accounts pumping eth and the amount of spam occurring pumping eth indicating a contrived and formulated pump instead of natural growth.
