What’s happening with ETH? opinions wanted

As we all know ETH has struggled somewhat so far this cycle, with the exception of the ETF hype earlier this year.

BTC got within 10% of its ATH this past week, while ETH is 45% or so away. SOL is doing crazy things. Fundamentally ETH has better decentralisation, more TVL etc, but SOL has the narrative at the moment at least.

I’ve seen good arguments how ETH/BTC tends to drop until Q4 or so, and then rallies. But I’ve also seen arguments about how L2s have taken away the value prop for ETH.

Would love some opinion on where this sub thinks ETH is going. Does it do alright if BTC soars to $100k? Has ETH lost too much narrative? Varied takes appreciated