Now that the ICO boom has ended, demand for Ethereum to use to fund ICOs has dropped, causing the cryptocurrency to drop as much as 94% from its previous all-time high, and is still down 85% from
Even though it's true, the price of eth doesn't depend only on funding. So many factor that affect the price of Eth.
And another reason, ICOs is not the only way they get their funding. You must know that there's IEO and any other else.