Short answer - yes. I don't have ANY data to prove this point, but strictly empirically - 1) it only takes a small number of GPUs bought due to increased demand

Short answer - yes. I don't have ANY data to prove this point, but strictly empirically - 1) it only takes a small number of GPUs bought due to increased demand to significantly alter price, all because the shop inventories are small. 2) Eth is not the only GPU mined coin and miners can easily and quickly switch to RVN or whatever else when Eth is diving. 3) outside factor - Bitmine is placing big orders at TSMC which also impacts capacity to produce GPUs.