Wouldn't that create demand, and result in an increasing price for ETH? Is it safe to say it's being price suppressed? Or do I not understand how the platform works?
Take note that the supply of Ethereum is also infinite so that also affect the price of it.
Last year, we are in the year of the correction. In 2017 it went up to ATH at $1300+ but now it's price is at $200. Because of the bear market that happened last year that is why it is below the actual value. I'm expecting that the rise of Ethereum will start next year when ETH 2.0 will be implemented.