The market stopped pricing ETH as a crypto-money, and started pricing it as a tech-stock with a discounted cash flow (DCF) model. 

This is not good, since no L1 crypto-asset looks good under a DCF model. ETH stopped looking cheap compared to Bitcoin, and started looking overvalued compared to other L1 smart contract ecosystems with higher growth rates in their ecosystems. 

Ethereum went from being uniquely dominant in its category, to being viewed as sharing the same category as a number of other smaller, faster, more centralized competitors. 

The difference between Ethereum holding 90% versus 60% market dominance is a huge difference. The former is a global internet currency, while the latter is a tech platform.