The supply might become lower but if theres no demand for that, you cant expect for the price to go up. Probably people are into Bitcoin right now or they hold more stablecoins for now waiting for the right moment to buy more cheaper ETH, and because of the market trend this is a best way to be more safe. The trend influence the whole market, we cant expect ETH to pump while others are dumping, ETH also rely with the trend of BTC no matter how good the news is.
That's right, the king hasn't moved much, how can the little brother be better?
The main reason is that the entire market is too bleak, and when the market heats up, all currencies will rise.