Many Initial Coin Offerings (ICO's) have required payment in ETH because their token are built on the Ethereum blockchain. After the sponsors (developers) of the ICO complete their offering, it is natural to assume that ETH is sold into the market to cover expenses and fund their projects.

Hopefully the sponsors (developers) of the ICO's are learning not to dump ETH onto the market.

As long as tokens are being developed on the ETH blockchain there will be a demand for ETH. It may take some time before the ETH market settles and resumes its rise. A healthy basing pattern should be good for ETH in the long term.

Have a great week!
Steem on,
Mike