I saw a lot of ico projects that moved their ethereum to exchangers and there was a very large sell order, I think that's what made ethereum prices fall, investor confidence in ico platform ethereum also decreased
I also think this is the main reason that ETH price drops so sharply. I do not undertand how they do it, ICO projects need capital to build and develop, but this is not the right solution. The lower the ETH price, the more hesitant the investor is to participate in ICO projects