Today everything is different. New people no longer invest in ICO. And old investors sell different chermet, which is called "token." Sell for what? That's right, for the Ether. Then what are they doing? That's right, they go to the market and sell the Ether. He does what? Correctly, falls.
I don't agree, investors are more educated and matured now compare to last year. Investors feel more confident over ICO's today due to some of them comply with government regulations and transparency. Ether price is declining due to some projects need to unload in order to pay their expenses and to fund ongoing developments, I believe more ICO's will use Eth and will continue to grow, so Ethereum demand will not change in my opinion.