The upgrade went through without drama, which in crypto counts as a win on its own. Average fees are down noticeably and validator queues are healthy. The question now is whether cheaper blockspace actually translates into new demand or just cheaper speculation.
Fees, flows and the chart
On the chart, ETH is still trading inside its higher timeframe value area. Against BTC it remains in a downtrend until proven otherwise. I am watching the ratio first: when ETH/BTC reclaims its range low, that is historically when the rest of the market wakes up.