For starters ETH has half the market cap of Bitcoin
Which makes it
extremely overpriced relative to BTC. Anything over 1% of the BTC market cap is overvalued for ETH (there's a years old well argued article explaining the potential of a utility token lies at least 2 orders of manitude below that of a store of value). This doesnt even take the governance issues around ETH in considerstion yet.
ETH has been extremely overvalued for years relative to BTC (admittedly so have most things).
If you calculate the merge then there are 120M tokens (maybe more will get burnt)
120M * 1500 = 180B cap
21M * 20000 = 420B cap
Which means ETH with fixed token amount is underpriced and should be around $3500