The ICOs are just as likely to pump the ETH price as people wanting to buy into the ICO will need to buy ETH first. The flip side is that when the ICO is over and they want to convert to fiat to fund the project they sell and suppress the ETH price. Record breaking Bancor was a great example with ETH price pumping and dumping either side of the ICO. But also I think some of the scalability and performance issues arising over the last few weeks is hurting sentiment too. I am new to Steem but am thinking that SBD might actually be a good "safe haven" for general crypto volatility, so it doesn't surprise me it has held up relative to ETH.