Its falling for the same reason BTS fell from 9000 sats last fall to 1400.
Because it has a high valuation due to release hype, but it is still an alpha product.
ETH is going to do pretty much what BTS did just a year behind, most likely. I dont think it will fall to 8 million though, probably 20M. ETH was always 2-3x bigger than BTS in its hype/community size.