This is because sentiment toward Ethereum weakened after major institutions Blackrock, Fidelity, and Grayscale sold their ETH holdings less than a month after buying. These large institutions were able to capitalize on the positive sentiment and capitalize on the profits. After this the altseason seems increasingly distant if whales continue to sell ETH.
Just read this news as well and from someone who make thorough analysis from arkham and if this is true it just means those institutions aren't really trusting altcoin that much.
Apparently the outflow caused by these institutional was still lower than the billions of inflow going into eth few days earlier so the price can hold 4k and now recovering back again.
Still, it reflects institutional trust against the altcoins in general, it seems they judged that only btc worth holding.