If there is a small problem on the ETH side, it affects the whole market negatively.
ETH is very strong right now. and falling to $ 500 creates a panic atmosphere.
BTC discusses how it is affected.
I don't think so because previously we have seen ETH has fallen nearly more than 459$ but this time it won't fall below 500$ because there is very strong support level at $500 mark.
In the past, the entire crypto market was facing lot of difficulties and that because of which, it was not possible for the crypto coins to have more market value but things have started turning in favor of the crypto currencies once again. We can really hope to see the market value of ETH rising even higher than that of the 500 $ and that we need to hold our coins till that time so that we can have something better in return.