There's currently a big drag on Ethereum prices from the legacy of the ICO boom. During the boom, it acted like a double-pyramid-scheme: the only way to invest in ICOs was to buy Ethereum first, which made the price of ETH skyrocket, which meant for eye-popping dollar values raised by ICOs (denominated in ETH, not dollars, so the top-line had to be multiplied by the ETH price), which attracted new investors into the market, which raised the price even more, which meant that early ETH investors were sitting on large paper gains, which made them even more willing to open their money and fund ICOs, and so on.

When the bubble burst, this pyramid scheme works in reverse. Many ICO companies were holding the bulk of their assets in ETH. To convert that to dollars to fund operations, they all need to sell, and they're all fighting over the same shrunken pool of incoming ETH/USD dollars. So as more of them sell, the price dropped, which forced even more to sell, and so on.

IMHO the worst was actually the capitulation last December, which saw ETH go down to $85 from a high of $1200. (Possibly not coincidentally, this capitulation started right around when the $40M raised by a typical ICO declined in value to the roughly $5-7M that's a typical Series A.) But until ICO companies go bankrupt or start shipping useful products, they'll be a continual drag as they liquidate ETH to pay salaries.