Most of the time ETH only gets high when there are other projects that uses ETH, and these days other projects are not using ETH but instead using SOL and TON, which means that ETH isn't getting as high as it should. On the last bull run during 2021 we have seen ETH go up, because all these things in SOL and TON were in ETH, maybe a little bit BNB as well but that's about it, instead it is getting divided into more stuff now.
last bullrun in 2021 all the things smart contract related heavily concentrated in ETH blockchain causing the fee to go as high as few thousand dollars and I agree right now trend spread across various L1, solana and ton included, ethereum just doesn't have that magic anymore.
although it's hard to topple the position of ETH as the 2nd highest market cap coin, doesn't mean it will preserve that position for long, it could be like EOS or any old coin that got forgotten as the time goes.
altcoin never has that secure position like BTC where it's the 1st ever crypto, being branded as the most legit ones and is favoured by bitcoin maximalist, the ETH holder could just dipped and move into other better smart contract blockchain.
the sentiment toward ETH itself already getting worse.