Not at this point, no. He made a mess of the Ukraine business, and can't afford another aggressive move in Europe. But think of this. If he had stopped after Crimea, and then cut Ukraine loose, Ukraine would be where it is today, minus the war in the east. A destitute country, corrupt leadership, broken promises, and no chance of EU or NATO membership. And without the level of awareness in the West. There certainly wouldn't be nearly as great of an effort by the US or EU to make a show of supporting the Baltics as there is now. Estonia would be highly vulnerable, and given the essentially non-violent method of annexation, it would be hard to claim that this is a Russian invasion.
Consider a few other things. In Crimea the Russian military made a point not to move around in tanks or APCs. Trucks and Tigr armored cars were used. The soldiers took control of only a few key objects, airports, etc. It certainly didn't look like an invasion. And it went over very well. Especially in Sevastopol with it's overwhelming Russian majority, where people hung Russian flags from their balconies and (once it became clear there was no fighting) took their kids out to take photos with the soldiers. Could Russia expect a similar welcome in Narva? I think they could. Especially if they hadn't escalated in Donbass to a full scale war.
The Crimean annexation is exactly the kind of aggression that could have worked extremely well. The Ukrainian authorities looked stupid. Nobody died (well almost nobody) and there was no real fighting. The soldiers are friendly, reserved, and generally leave the population alone to go about their business. And the much disliked corrupt regime (the Ukrainian or Estonian one
) gets what many feel it might deserve. Add to that an overwhelming sense that this isn't some foreign army invading, but their own boys here, and Estonia faced a very real threat. Now of course the Talinn government is nowhere near as corrupt as the Kiev one, and the Estonian military is not the pathetic joke that the Ukrainian one was. And of course even in Crimea it took a drastic power struggle in Kiev to distract them from reacting adequately to Russian actions. But even in Estonia, given what swerve wrote about Russians in Talinn, mass demonstrations of Russian ethnics, violent clashes with Estonian police, producing an internal crisis could have been used as cover for a Crimea-style Russian move on eastern Estonia.
Do you see the potential for a similar scenario now?