such a reaction is caused by a general drop in the market price of all crypto-currencies. This project is not a scam. But the price may drop even lower.
I can tell you more about why ETH is falling. During last weeks many ICO projects that was taking money in ETH are solding ETH for USDT or USD to keep money safe while market is crashing. So they made an avalanche or price drop of alts even stronger. Market is going to hell, but we have to believe in it. Right now whales are buying yours coins for pretty good prices. Think about it...
The markets unstable condition and massive dumps because of the regulation around the world practically affects all kinds of altcoins and Bitcoin too. There's no reason for ethereum to be scam It wouldn't be successful since 2015 if its a scam. The one that are scamming are the projects and ICO based on ERC20 tokens or project that is based on ethereum blockchain not the ethereum itself.