Yes an asset is more than its scarcity. For Eth going from not-scarce to scarse should have a positive effect regardless...
Scarcity in a way translate to value. A value that is demonstrated in its price given by the demand and supply. One might like to go for such commodity.
Although, I feel a lot safe with bitcoin.
The market today don't seem to reflect expectation but, I don't care so much on the price while am holding.