I was about to say this, if the new iterations will solved the high gas fees, then we will somewhat get elated and could push the price to a bull run. But if the new release is now as it what projected, then Ethereum will suffer a downtrend here.
So let's see how it goes, maybe some projects who shift to BSC will go back to Ethereum because after all Ethereum was used to be the number one smart contracts and Dapps.
Personally, I think we have to manage our expectations but at least there must be some solid good effects that this update can do to Ethereum. I heard that this is never the total solution and there can be more other upgrades scheduled but as what I said there must be something we can see for EIP_1559. As to Binance Smart Chain, there is no question that it already many good inroads and it also able to established a good and huge community so that more projects are present in both networks and I am even seeing one that is developing the multi-chain bridge. Anyway, let's see and watch what can happen.