It is because of the miners sell their holdings in the wake of a much-hyped " ether merge ".

Markets have been falling around the globe as the Federal Reserve and other central banks are increasing their rated aggressively. 

The Ethereum merge ignored the network’s “proof-of-work” model.

Floral Pattern
Floral Pattern

Those miners aggressively stockpiled new ether over the past few months. 

Ethereum faces other issues beyond the miner selloff. 

The new version of Ethereum is less decentralized than the previous version.