Yep.. ICO have definitely devalued Ethereum.. what was everyone saying lately .. "Ethereum is going to over take bitcoin... and I just lol'd so hard... and had many a robust debate with people who know everything, i said not yet it wont... even told them it's way overvalued and to stop buying it until it corrects " ... and sure enough it's being dumped like there's no tomorrow. everyone's doing ICOs and not all of them are good...and its Blockchain confirmations and ICO transfers are causing major headaches..
Ethereum will have it's time.. but not yet. For now bitcoin is still king, there will be no Ethereum flippening just yet.. but it will come...