The fact that Ethereum trades so far above its price-to-fees ratio should be seen as bullish, not bearish. This is always the first thing that Eth bears love to mention. But Eth is a credibly neutral commodity, an insanely well conceived SoV asset and the currency of the world ledger. The fact that its price is not directly linked to its fee revenue is beyond bullish, because that also mean its upside is uncapped.