Some people are constantly speculating that one day ETH will surpass BTC in some way, and they probably mean that it will be worth more than BTC. Personally, this is quite unrealistic considering that ETH has about six times more coins in circulation than BTC, and that, as far as I know, it still does not have a clearly defined max supply. The thing that pushed ETH even more to the side is the transition to POS, which in my opinion makes it less attractive than before.
Furthermore, ETH's absolute ATH was in 2021 and was $4891, and if we take into account that BTC then and today is approximately at the same value in relation to USD, then we see that it is a difference of almost $2000 in a negative sense.
The price of ETH is therefore a reflection of the market's confidence in it, and everything else is less important.
Technology-wise, Ethereum with smart contracts has many more features than Bitcoin. In fact, if I had to choose only one crypto to apply to the world, I would probably choose Ethereum. The ETH marketcap is also expected to surpass the BTC marketcap, but that is unlikely to happen even though ETH has an infinite total supply, as the market has chosen BTC as the crypto king. I can only hope that in the future, ETH will surpass BTC in terms of daily trading volume, just as USDT has surpassed BTC.
Despite how good and valuable ETH is in its vast ecosystem, ETH is still just an ALTS and only receives inflows after BTC has recovered and stabilized at a new higher price zone, and is also heavily influenced by BTC price fluctuations because BTC price is still considered an health indicator of the entire crypto market. I don't think this will change anytime soon in the next few cycles, perhaps only the widespread adoption of the Ethereum blockchain into the new economy can make the ETH price supported by business demand and less dependent on the BTC price.