Correct, Ethereum's price can be said as cheap as today but this is only for those people that are longing to break the all time high or even reach it again.
Many are missing the chance today and would want to ride if there's a movement. The market reaction is like that, if the coin is stagnant, don't expect that there will be lots of support for it but once it shows something such as rising, you'll see people get crazy over it.
People should be able to think starting to be realistic about the current market conditions where wearing or decreasing altcoin is very likely to occur. and that will also happen to ethereum. no one will be able to control especially when ethereum stagna is currently