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RE: Stay positive! Your most beautiful asset... A SMILE!
Aren't the ICO's destroying Ethereum price at the moment?
People are usually paying ICO's with Ethereum and the ICO's do payout the received ETH into fiat and then use it to invest.
Yes, you are right, but before the ICO there is an increase in demand for Ethereum so the price goes up. For example I bought Ethereum when it was at around 0.09 BTC and then it went up about 50% to 1.14 levels in a few days. I think it was mainley because of the Bancor ICO that happened at that time which raised $150M in an hour in Ether.. then I sold it and it started going down for thw reasons you gave.