Do upgrades to the ecosystem really matter much when the fees are so high most people cannot affordably use ETH or any of the tokens?
Good question, for me, upgrade is not worth anything if investors are complaining of the high gas fees. And we all know that ETH developers says that they will have a lot of iterations in the pipeline way back 2019, and they said that they will resolved this issues on high gas fees. But moving forward, with many development and changing a lot, still though it's one of the biggest issues and we don't know if it will be solved or not. And most likely this is the reason why there are many investors who didn't put their money on ETH this cycle and would rather go on other projects like SOL or even BNB. And with that, the high fees might have killed ETH for now and unless they really resolved it, I don't think that we will see a big gains in their current price.