The scarcity guarantees are a big point. The market can tell human intervention in ETH’s scarcity is still possible.

Good example is the ETH1<=>ETH2 transition phase. Both systems have their own block reward, effectively increasing overall issuance. No one talks about this. https://twitter.com/ryansadams/status/1260542929036357632

Here is what’s about to happen.

Note that steps 3 and 4 are planned in the future but we have basically no idea when they materialize. ETH2 was “just a few months away” in 2018.

I just want to caveat I’m bullish Ethereum, but this is reality as well.