In reality, if only the eternal realm existed, the player count would drop over time anyway—especially with a game like Diablo 4, which doesn’t have much new content. Repeating the same events doesn’t help.
However, if the Diablo team injects new content into the eternal realm, it might keep players engaged for a while… especially with a campfire chat a few days before. I think that creating a new character every season could get pretty tedious, unless we get a new class or some major class changes.
Nice graphs btw 