I dont know what will cause this sort of massive drop but its coming. I dont care what anyone says this drop in ETH is very close. When ETH went from POW to POS it opened up the network to an easier attack. Theres hundred of billions of dollars on the ETH network and thousands of projects. All it would take is for a massive ETH chain hack to completely wipe out all of them. Then you got all these fools who have 25% of ETH staked that wont be able to get out till ETH reaches $20. I have buy orders from $90 to $10 more on the lower end because I think the unstaked ETH will start getting dumped around the $90 level and bring this thing down to possible single digits. Im only buying for the bounce and then never touching ETH after this, as probably most wont want to anyways. ETH will never recover from what is about to happen to it.
Look into projects and platforms that can take the exodus of projects leaving the network, if its even possible at that point. The smart contracts could get screwed too resulting in a total loss of all projects on ETH. ETH could possibly break back above the now resistance trend line and make a run for 10k but its fate is still inevitable. This scenario is highly doubtful in my opinion.