I'm a believer in Etherium, and I Say its inflated due to the new popularity in the crypto market, reminds me of the pot stocks a couple of years ago, and only a few remain worth investing, and still people are pumping and dumping them on the OTC markets.
Bitcoin will remain a great investment, but as far as inflation /deflation, I would say everything has to pullback from its sudden rise, may sit for a bit, but eventually will break out, and I believe Etherium will , at least I'm betting on it.