Its the second largest market cap coin and its actually a great coin however it has issues like most coins. I think the reason why the price is struggling to rally is due to ICOs dumping their coins (if they still have them) and its miners who are dumping their coins to pay for their overpriced 1080TI rigs that they bought in 2018.
One issue with ETH at the moment is due to the devs and they always delay and postpone they work. They have been promising POS since 2016 and still haven't delivered. Same with that ProgPOW switch which they meantioned a few months back, they still haven't provided an update whether they will go live with it or not.
Its problems like this why the price is struggling and the ratio keeps dropping lower and lower and at this rate, I wouldn't be surprised if we hit 0.01 ETHBTC within the next few months.
For Ethereum, the daily trade volume is still quite high, and therefore your argument that the ICOs continue to dump their ETH holds some merit. Also, the exchange rate went down from 0.02 BTC to 0.0179 BTC in just a couple of days, and the trends indicate that ETH can even go below 0.01 BTC. Also, it may go below the $200 per coin level.