If you've visited r/ethtrader in the last month you've witnessed hysteria. The circle jerk around the price does not come close to that of Bitcoin's circle jerk during good times (of which these are). There's a difference in the attitudes of its holders compared to holders of BTC that feels completely ponzi-ish. People seem totally naive about their investment. Unable to grapple with the truth because the price keeps going up and up and up. They don't want to hear about any problems with the protocol, the governance, or the rough upgrading path that the protocol will have going forward. As someone who has financially benefited by the ETH run-up, I should feel euphoric too. But I'm more tempered, perhaps because I was a holder of BTC during its long down period. ETH has a huge downside risk. And frankly, I just don't see the reserve currency of the digital world being tokens of a monster virtual machine with centralized governance, although the governments of the world would probably prefer it.
ETH is one SEC investigation away from panic. ETH will have a scaling fiasco, and the technology for scaling is two years + out. PoS must be considered a theory at this point, even though it is said to be slated to be deployed late this year.
What ETH does have is a supply shortage. Much of the supply is held in ICOs and by people who have hedged out of BTC, who will hold ETH out of fear that it will become what BTC seemed destined to become. So the price marches higher. The thing about ponzi's though is they are great until they are not.