ETH is pumping because open interest has increased 70% in the past 3 weeks. No other reason. Some of that is cash and carry from Wall Street firms rebalancing and adding ETH due to more friendly regulatory environment but it is mostly rampant leveraged speculation. Layer 2s accrete almost no value to the base chain and most layer 2 use cases are total hogwash.

Just like the hype with the merge, previous upgrades and the ETFs last year there will be speculative fervour for a short time and then it will blow up and ETH will got back to trending to 0 against Bitcoin.