If you look around, the whole market is crumbling down to pieces, so why should ethereum be different? The king is going down and is takingall the little kids behind. When Bitcoin falls, the most likely scenario will be to see the big majority of the cryptos following BTC. Moreover, Ethereum is a shitcoin, so I actually do not mind to see it go to 0
Traders sometimes blind themselves to the truth they have right in front of their eyes, as much as ethereum lovers do not like it ethereum depends heavily on bitcoin in order to grow, recently we had the transition of ethereum from POW to POS and yet the rally everyone was expecting did not happen, and why that was the case? Because bitcoin was not bullish at the time, if ethereum went over this transition during the bull market the results would have been different, but this only shows how much ethereum and all altcoins depend on bitcoin for their growth.
Yeah, all those unexperienced traders were expecting a surge in price before or after the merge, but instead it went the otherway around. This could be basically foreseen by those who know the fundamentals. Now, if Ethereum was something valuable when it was represented by a decentralized network, logic would point out that it would not be that valuable if it was not decentralized. Eth is now absolutely centralized, so I see no difference from BNB at this point. Now, would you say that BNB would go to 5k as well?