You are definitely correct. There is an ICO bubble, maybe specifically an ETH ICO bubble even.
Some of you are saying the bubble popping will bring down other alts too and I believe this is correct too.
I layered the Hofstra Bubble chart over ETH/USD today and a crash is surely imminent - look here:
http://populicapital.com/website-launch-and-ethereum-correction/But can we really apply the same prediction of patterns to ETH or any other alt? Historical analysis is not long enough... 5 years maximum? That is nothing, so we can only predict if we assume it follows the same pattern as others with historical basis.