It is possible that polka-dots will compete with Ethereum and it is also possible that polka-dots will beat ethereum. The reason I say that is because polka dots were created by Ethereum co-founder Gavin Wood, thus he has every means to raise the price of polka dots over ethereum.
It is difficult to happen even though Polkadot was founded by Gavin Wood who is also from Ethereum, because the opponent of the Ethereum token that is currently balanced is BNB, and even Polkadot's position has been shifted by BNB in the past few days, although all possibilities can still happen in crypto, which but it will not be as easy as we imagine because Ethereum already has strength in crypto.