ETH should not be expensive. Last ATH was on the ICO wave but today ICO are not so popular. With STO it's so clear. That's why today ETH price growth is possible with strong FA events only. But today we see crisis in this brunch. And I don't see reasons for price growth
Perhaps I will agree with you, now there are no logical reasons for the price increase, although if you still cant transfer the output of Constantinople - perhaps this will have a positive effect on the price of ETH