Have faith in the storytellers that have won your heart over to this franchise. Trust that this is not the end of the state of affairs for night elves or forsaken. Trust that there is more to come than just lows and heartbreak, and that they are good enough writers to know this and have some good surprises to counter all the doom and gloom in emphatic jaw dropping style that has the level of epic blizzard has been well known to be capable of delivering. Now you show some faith in them.
Yes, I feel that blizzard has brought quite a low to most of the players who follow their story with these events, for night elves & soon forsaken, this could well mean a massive high is coming or at least a serious one, lows are only beneffited from if you turn them to highs that really get your community pumped and screaming "yeahhhh" like their favourite team has just scored a goal or won a match at a football game.
This is exactly what a skillful storyteller would have coming up. Night elves and forsaken would both get some incredible highs as these two groups have had some of the greatest tragedies in wow's history. Night elves had 2 extinction level events (WotA & BFA), and huge losses in 3 war events (WC3, Cata and Legion), that's a lot of lows that have seen them thoroughly stripped of much power and majesty compared to the height of their empire before arcane addiction.
The forsaken have undergone also a very cruel and heart wrenching sequence of events, not only murdered , but brought back to life as undead, they however unlike the night elves have committed atrocities though since, so it is understandable people are more sympathetic towards the night elves, but that doesn't diminish the Forsaken's level of suffering either. First losing Lordaeron in life, now in death, and we know they feel something.
The only way this works out as a great story is if the tragedies lead to an incredible change in fortune or empowerment/salvation for both groups. Forsaken need a semblance of their humanity restored, to feel again, if not necessarily live - some sort of vampire like state or just after undeath or needing blood to restore some feeling could be one avenue open up to some of them possibly generating a sub-group. Also getting a new place to live and some sort of future that is not so hopeless is what they need.
For night elves, it is certainly a place of their own to call home also, but for them it's more restoration of their dignity and power is what most players desire. Night elves look so weak and incompetent mostly, and having this fixed about them, being dangerous, badass, and serious levels of powerful again will definitely please their fans again.
Blizzard just have to find an awesome way of delivering this to both groups that have them as elated, excited/happy and hopeful with a bright future as they were low, angry/furious and depressed with their current turn of fortune.