Correctly noticed, added a large number of questionable projects that behave dishonestly towards investors in order to obtain easy money. Big money always attracts those who want to profit in a quick way.
They used the platform as a quick easy access to dumped what they've got from those scam projects, the value of ETH got affected as the sums
of those collected funds is huge, we need to consider how much people loses when a scam project runs away with their investment and see the
effect with ETH market.
I see the same point before, ETH platform when used correctly will lift the value bt if not surely it will go to other side.