This pattern in ETH price vs TVL doesn’t show up often.

When ETH price (pink) trades meaningfully below Ethereum TVL (blue), price has historically gravitated back toward it. We’ve seen this dynamic play out across cycles.
And fundamentally, Ethereum may be in its strongest position yet:
• AI agent economy emerging onchain
• Institutional DeFi flows (BlackRock, tokenized funds)
• ~$17B in tokenized RWAs
• Deepest liquidity + strongest dev ecosystem
You can argue blobs changed the fee dynamics.
But the surface narrative misses the larger shift: the economic weight built on Ethereum has never been this significant.
As the L2 expansion matures, capital rotation back into ETH becomes increasingly possible.
At this range, the setup looks asymmetric.