Market cap is falling without brakes, and today some whaleshave transfered thousands of eth to exchanges (some of them, are big whales that acumulated eths from since their price was few cents).
When this whales sell their eth for some million dollars the falling will be tremendous.
The market has not getting any improvement because it's still in the bearish mode and the prices had starting to go down. This is the situation that new investors are in doubt to invest as they may end-up in bull trap. I think that ethereum will not go lower at $40 even if the market will hit bottom as this currency has capable to push the price due to community support and the adoption of smart contract.