Besides the demand for ETH as the Gas token for a growing web3 infrastructure (as I mentioned earlier), ETH has massive other qualities that make it of value. It can do anything bitcoin can do but faster and cheaper, and even serves as a smarter store of value than bitcoin given its clear critical role in web3 providing more meaningful use than just a currency. It’s also a fuck ton easier to create an Internet of things application due to its improved programmability (hence why second layer solution - like raiden, plasma, cosmos, Aion, etc, etc) are being developed faster and with an order of magnitude more options.