This is good news. If the "EIP" becomes adopted by the majority of ETH miners, then Ethereum will be able to become as good as any store of value (like Bitcoin or Gold). This is what we need in order to maintain ETH's price levels at their ATHs. Inflation does no good towards the long-term price of a currency. A deflationary model will only ensure prices go up all the way to the moon. Imagine ETH hitting $5k for the first time. It would make many early adopters insanely rich. Of course, I'm being optimistic here. But with ETH's ever-increasing usage and popularity, this could become a reality faster than you could ever imagine.

Whenever ETH is overpriced or not, will greatly depend on many factors such as supply, demand, and mainstream adoption. So far, ETH has high demand and mainstream adoption. But its supply is undefined. Until the network adopts the aforementioned "EIP", ETH will only be used as "digital cash" instead of a store of value. Just my opinion