https://u.today/it-is-possible-ethereum-did-not-drop-due-to-ico-sell-off-after-allPossible it wasnt ICOs
According to data provided by Diar, a research group that releases an in-depth weekly analysis on the global cryptocurrency market, the majority of major Blockchain projects based on Ethereum are still holding tens of millions of dollars in their Ethereum treasury.
I urge everyone to read and see if this make sense. The article says that its not the ICO's that has to blame for ETH sudden drop but the technology behind, dApps, because it didn't scale as expected giving investors false hope that's whey they dumped their ETH.
Although its also mentioned that most ICO had liquidated an average 62% of their ETH holding. So this alone has put tremendous amount of pressure on ETH that's why the price plummeted.
It's a bit contradictory. Perhaps what the article wants to say is that ICOs sell off was not the only cause. Anyway, I don't think dApps have had anything to do, I think that given the market situation some ICOs have sold part of their reserves and some people have managed to create a panic selling from which they have profited.