So: On-chain activity from ETH L1 to L2s & Solana + Ethereum soon "just" a settlement layer (alt-DA) = fewer fees = bearish Ethereum & ETH. 
But: ETF, ETH as Internet bond (and money?), restaking & LRTs, EVM parallelization (Monad), ETH-centric non-EVM L2s (Eclipse) = bearish Ethereum but bullish ETH? @trustlessstate

- solidity engineer 
- decentralisation and privacy maxi
- kitesurfer

Well data availability costs make up for 80% of the fees paid by L2s to the L1 apparently (to be double checked) and these are going to be dramatically reduced post EIP4844 + more and more L2s are considering alt DA solutions (so again fewer fees to the L1)

L2s are top ethereum fee payers. The recent inscription spamming on arbitrum let the ethereum mainnet fee spike. 
where fewer fees?