ETH is probably tanking due to all the ICO scams being ERC20 tokens. The scammers dump the ETH they were sent. In return, investors are given worthless tokens. The worst part is, those same investors are probably buying more ETH because it's so cheap. They're basically buying back their own ETH. People need to stop buying into projects that have developed nothing.
+1. A legitimate ICO would immediately convert their Eth/Btc raised funds into fiat for stability while they actually use the money for working on the project. So very few did that as they were/are really just scammy investment vehicles for the owners who never had much intention of completing anything.