I don't think because the reduction in ICO projects has made the value of ETH much lower. There are still many ICO and IEO projects that use their platforms.
The main reason why the price of ETH goes down is because they are fighting the new platform of Binance that is BEP2.
BEP2 is quickly gaining market share and projects are trying to use BEP2 for their listing approval.
yes, now ethereum platform has a really huge competitors after binance coin run on its own chain,,
a lot of Ethereum tokens move to binance chain now,,
but, my bet still with eth,, for sure this coin still better than BNB