I think that even if the bull market arrives, holding ETH or trading ETH is no longer profitable, because the use of ETH has been greatly limited, and its main sales channel (ico market) has begun to lose investors!
ETH is not limited to ICO though, it can works the same way as bitcoin with additional features, smart contract was meant to be used for various purpose not just solely for an ICO.
Something you need to know is that the last year's ICO is too overhyped and it has come back to normal now.