My thoughts are similar to yours in that selling pressure has persisted given tokens selling their holdings for funding. I would also add that as the regulatory environment has completed shifted, it has now decreased demand for ETH as both regulation and the besr market have potential ICO participants on weak demand. In addition, the network continues to struggle with solving key issues like scaling which could detract any progress made from demand coming back into the market. However, there has been valued created in the Network which should soon give prices some support. In addition, there is talk of ETH futures market being developed which arguably could bring some demand into the market. Futures could also provide ICOs with the ability to hedge their funding which I imagine most would have liked given the bear market.