I never consider the ETH gas fee as one of the indication of market movement, if anything it means that less people are doing transaction in the market especially the ERC-20 coin market. And as far as I know the price of Ethereum has never been affected by its gas fee, or vice versa.
it will not affect the price, the most visible is when we make withdrawals from the exchange or transactions from the wallet. when transaction fees will drain so much we can see how exchanges end up raising withdrawal fees for ERC tokens. for trading on the stock exchange, I don't think it will have much effect. because for withdrawals other blockchain options look more friendly.
now we can see how the transaction fee from ERC has decreased. this is pretty good, if it can be stable we could see the adoption of the ethereum blockchain again being the developer's choice.