Great write-up, and echoes a lot of what I think about ETH.
Nonetheless, I think it will be a bumpy ride up, as there will always exist selling pressure from all the ICOs that still hold sizeable ETH reserves. If they can double, triple or 10x their runway, then it will be difficult for them to hodl.
I agree it'll be a bumpy ride, in crypto it always is!
Apparently about half of the ETH held by ICO's has been sold so far, so the worst could be over. I can't imagine them selling 100% of it all, there's bound to be a bunch of them who will hodl on to ETH so there can't be that many sellers left. But ETH isn't going anywhere, and patience is a virtue. I think PoS rewards are going to be a huge game changer economically for ETH - it has a huge drawing power to people looking for passive income and dividends