Since ETH's price is still trading near this year's low, do you think ICOs, specifically ERC based, will be greatly affected? Or do you think price won't matter as long as the project is with great quality?
I do not think this is a matter of believing, you just need to look at ethereum and at the market of all the icos that are released under its platform and you will see that both of them are very affected by the circumstances in the market and both of them are affecting each other negatively, this is why the price ethereum doesn't seem to move and you should not expect that for some time.
Correct since as we can see majority tokens under the eth networks has been down and many people already lose some bucks and you can also see on ICO space that there are so many of ICO implementor failed and lose some profit for their project since its the reason either their eth collected value decrease contributes it or either they didn't collected enough fund. And maybe we cannot expect a sudden changes at this point since maybe this stable/red days of crypto especailly with eth will continue.