Is the $ETH Narrative Too Strong Right Now?

Been watching $ETHUSD closely today, and while it's holding up relatively well around the $1875 mark, I can't shake the feeling that the current bullish narrative is a bit overextended. Everyone seems to be completely bought into the 'institutional adoption' and 'layer 2 scaling' story, almost to the point where any dips are just seen as buying opportunities without much critical thought. I'm seeing a lot of charts that look like they're just waiting for a catalyst to break either way, but the prevailing sentiment feels like it's blinding people to the downside risks. Is anyone else getting the vibe that the market is perhaps a little too comfortable with $ETH's trajectory right now? Convince me I'm wrong, or tell me why you agree.