if you check how ethereum when it was PoW had its own independent market sentiment and volatility based on its international variance window of value premium based on the differing mining costs due to electricity price variance... and then when going PoS you can see it become more of a shadow of bitcoin movement/wiggles cloning the ups and downs of the bitcoin market. until the point of may 14th 2021 when it went very stable in comparison to bitcoins market. as seen by the bitcoin:ethereum market chart of the last 5 years where from may 14th 2021 the variance of the 2 markets went from instable to stable.

this is due to the bitcoin market taking control of the senitment of ethereum market by arbitraging the market

this arbitrage KEPT the ethereum market up high even when the ethereums cost base of acquiring new coin by other means dropped by 95%
this means whilst the PoS coin acquisition market dropped to ~$50 a coin cost, the speculative market remained artificially held up purely due to the arbitrage opportunities performed by bitcoiners

this bubble can burst
its also worth noting that you STILL think that its only going to need 1-4% of ether.. again i suggested you do some math, and i even done some math for you based on a hyperthetical of freezing the prices.. now if you realise the 5-25% of coins will actually cause a price change.. meaning even 5% is best case, and its more likely to be a higher number of coins sold to get to the dollar amounts to need to buy the asics to perform an attack..

and as said, but worth emphasising
whilst ether stakeholders sell off and wait months to gather hardware to attack bitcoin but end up becoming honest bitcoin miners due to their ROI being at risk.. the bitcoiners whom could decide to buy up the cheaper ethereum can INSTANTLY attack the ethereum network due to its instant access to coin to then stake to then control code changes and block verification without need to wait months. so ethereum can be attacked far easier than bitcoin

so play some scenarios out and run the math. its fun and educational