What do you expect? where majority of the crowd sale is been done with eth on the ethereum network, so it means when the price is going down, more of these people will be dumping their eth to raise money for their project building. So i am not surprised the price went down that low, eth price went high because ICO investing was booming, but now many people are scared of investing in an ICO, so much no much are buying eth rather much people are selling it.
if you think ico is not booming, how many new projects still appear? so I think your argument is not right, because to invest in ICO, we don't have to use eth, it can be with BTC or BCH, so in my opinion what happened with Eth is not merely because of the lack of ico.