He's definitely gonna try again. You don't bivvie 100,000 troops along a border for kicks. I expect he was looking to intimidate some territory gain AND orchestrate a power grab by Russian loyalists. He's not above outright invasion though. Shitzhizpants won't do squat, Europe is not really able to do much. The only real economic leverage Europe has is to quit buying Russian energy and materials, which in reality hurts Europe as badly or worse than it hurts Russia. Putin has never shown reluctance to wear the black hat, don't expect him to change now.

The next 6-8 weeks are the window of opportunity. Eastern Ukraine is a lot like Minnesota. If he's gonna move it's gonna be soon.