There is a logic that some people do not want any risks, and just want to spend money and get what they want to get. I do agree that it will not go over that price, and more probable possibility is that it will be under that price for sure, miners will drop the price by selling it, not like they care about that too much. However if it was ever higher, that means someone bought it at higher price thinking that would be better for them to not risk anything, and have a ready set calculation with the amount they have instead of "maybe" that they would have otherwise.
You can buy a lot of ETH mining equipment today, even at super high prices they do make themselves back in 12 months at worst case, or even 24 months if you want to make it insanely expensive, but after that it is pure profit, why not take out a 100k loan and rake in cash after 2 years? Because most people do not bet on the uncertainty.
The difference between spending money on ETH mining versus "mining" here is the fact that it is more digital here, ETH is more physical, it requires a lot of technical knowledge or at least someone who knows it or maybe at worst you need to watch and learn and research, here you just get it and hold it, it is not technical and it is quite simple. I do agree with the part where people may want to buy, however it will be based on ease of income and that's it.
There are tons of people I know who made a good amount of money during this bull run and almost all of them diversify their portfolio, not in the sense that they buy a lot of different coins as the only diversification, they do that but they also put it in many different places as well. This is why I think there could be people who would be interested here as well, it is another option to make some profits.