Yeah it could be, some people might not be willing to use ethereum as of the moment due to continue rise in fees brought by the over hype for DeFi projects running on ethereum network. But the price of ethereum is significantly high compare to its price 3 months before, it doubled up actually gaining strong stand in the market right now. Wait til the upgraded version comes out and see the power of ethereum, altcoin king!
People are using ETH and providing it as liquidity for these new projects and hence the price started gaining momentum and other than that no one will be using it as the transaction charges are high and everyone is hoping that the development team will roll out their updates so that all these bottleneck issues will be sorted.
Kinda hard to imagine they solving the fee problem anytime soon. even bitcoin back then rolling out lightning network to solve transaction bottleneck problem takes a while to be effective. But I wonder how ETH gonna perform when it comes to transaction confirmation if they decide to switch to POS in the future though we can't expect it to arrive anytime soon.