I quite like ethereum and believe that price fall was bound to happen.

Even though it is now a gateway coin to buy other altcoins, just like bitcoin is, it is still extremely correlated with bitcoin. That is the simplest explanation.

Whether one believes or not in bitcoin being digital gold, it has proven to be the reserve digital currency during this correction. People have been moving to bitcoin out of all altcoins and the ETHBTC pair has corrected from 0.12285 btc to 0.05365, currently trading at 0.06061. In the last couple of days, it seems like that correction is about to reverse.