Based on what I observed in the current market, Ethereum is the crypto in the market that is down 90% in his All-time High, based on my research this happened because of the ICO under Ethereum blockchain, all of this ICO dump their Ethereum to fund their project, and some of this ICO are Scam projects, let's say 90%, so what will happen to all the Eth they received from Investors? dump! after the dump this guys exit scam, my prediction is we can see a $50 Ethereum this year or maybe $20, but $20 is highly unlikely to happen.
I agree with your observation Ethereum is being beaten by it's own games or doing, people are using it's smart contract and platform and dump their eth until we see scam ICO wipe out we will see eth below $200 or even lower, ICO is the one hurting eth and they are the one who started it.