As we know:
$$e^{i2π} = 1$$
so here's the first way that we can calculate the expression in the title:
$$(e^{i2π})^i = 1^i = 1$$
however, if before we simplify $e^{i2π}$ to $1$ we multiply the powers which we're allowed to do, we get a different result: $$(e^{i2π})^i = e^{ii2π} = e^{-2π} ≈ 0.18 $$
What's the explanation to this?
Complex number exponentiation doesn't follow the rules for rational exponentiation. It is true that: $$(\forall a,b,c\in\mathbb{R}, a> 0):(a^b)^c = a^{bc}$$
However, things change for $\mathbb{C}$: $$a,b,c\in\mathbb{C}, (a^b)^c\:\text{might not equal } a^{bc}$$
But why?
$\log(w^z) = z\log(w)$ doesn't hold for all $w,z\in\mathbb{C}$, regardless of how we treat $\log$. Very relevant information regarding this topic can be found here. That being said, going with your first method is the correct choice in this case.