The "ETH is dead" narrative is a straight copy-pasta from 2017's "the flippening". 

Capital rotation: Assets with higher market cap & daily liquidity need larger marginal buyers. Pre-2016/7 there was only BTC. When ETH started to capture zeitgeist, it was easy for capital to rotate out of BTC, giving ETH the legs to rally. The same is happening right now, ETH is 3x market cap + liquidity of SOL and orders of magnitude larger than many L1s.

Zeitgeist capture: The factors that fueled the "flippening" narrative in 2017 are exactly the same for SOL and the alt-L1s right now. There is nothing revolutionary about memecoins, your new chain's tps, and/or the industry first "partnerships" with tradFi.

Hail the corn: I'm not a BTC maxi, but in all of crypto/web3 there is only ONE "too big to fail" thing out there and that's Bitcoin. All other chains and ecosystems - ETH included - still have to prove that there is more to crypto than censorship resistant money.

Go long humility, and short hubris.

Interesting perspective on the "ETH is dead" narrative and the concept of capital rotation. It's always fascinating to see how market dynamics play out over time.