Everyone should be extremely happy to see $ETH moving up.

You can see just how much oxygen it gives the alt coin market, and creates a higher ceiling for other major L1s.

The pivot to L1 scaling + Pectra has already improved the perceived value accrual of ETH by the market.

Will need to see if the perceived improved value accrual from more activity on the L1 can show up in the hard data later down the road.

Need to grow active addresses on the L1 again, and see revenue increase after being in a long term downtrend.

There is a lot of activity that could move back to the L1 from generalized L2s with UX and scaling improvements.