i doubt that the ico are to blame for the price collapse. the whole market has collapsed and that is why ethereum fell off the price. if the market had not collapsed, ethereums price would certainly be more stable.
There would be no point to blame them anyway. If they are selling ETH is because they cannot do otherwise. The need the money to develope their projects, NOT ETH AS A STORE OF VALUE. Hodling is not an option for them. As plain as that.