ICOs are dumping their Eth, simple as that.
No one knows how long that will last.
But still, we wouldn't see a dramatic price fall, Bitcoin has been trading sideways, but Ethereum is losing value very fast and its quit hard to see the price plummeting when other altcoins did get down as hard as Ethereum is.
The ETH value continues to decline to -17.93% at the moment, whether this decline is caused by investors monitoring warnings from a number of regulators and increasing crackdowns on the virtual currency market or perhaps just a glimpse of wind from the impact of economic law so that it has an influence big to projects being a scam?
I'm not really sure about the pressure form regulators though, Maybe there's something that really causing or investors are losing their confidence of Ethereum and maybe cashing it out. Hard to tell at this point.