This happens due to the uncertainty of the ETH ETF approval. I don't want to say uncertainty, as speculators already cash out for a possible ETH ETF rejection like they did with BTC ETF approval. This is the reason the price of ETH is not performing as it should compared to BTC. If the ETH ETF gets rejected, there won't be a bigger impact on the market as the speculator has already made their move by selling the rumors. Perhaps it won't be now but gradually ETH ETF will also be approved.
there are so many fuds around, shitting on ETH saying that the ETF won't get approved because ETH has held ICO in the past, well i don't know whether it could even affect the ETF approval anyway.
but I think ETF does indeed have much influence over the market of ETH.
its now just full of uncertainty and doubt with the market of ethereum, i'm even thinking maybe dumping my bag just to convert but i believe that there will be rainbow eventually.
this news of ETF really shaking the market around, but can't deny the fact that the market right now is not as bullish as it was, probably due to people getting bored.
but i'm sure that its mainly caused by massive fuds everywhere and the fact that probably whales are cashing out for some reasons.