Because it's in a bearish trend right now and fundamentally the market is extremely weak. ETH suffered some turmoil in September after the move to PoS. The coin lost over $50 billion in capitalization. ETH was growing till mid September only due to speculations from those who expected ETH to grow fast and make fast money on the price difference. After the merger happened, all those speculators left the market in a hurry. Now we shouldn't expect anything supernatural from ETH.