When you think ICO, you think Ethereum. Odds are it's an ERC20 token, and odds are they accepted most of their ICO funds in Ethereum as well.Because of this, speculation on further ICO regulation damages Ethereum's market more than others. In a report last week put out by the U.S. Government Accountability Office (GAO) they stated:Generally, the market over-reacts to the unknown. However, I feel regulators have been fairly clear on their intentions - targeting only scammers, and pump-and-dump's is their only goal. (Read about that here and here Another factor that could be in play - as stated above, ICO's often receive the majority of their funding in Ethereum. At some point, they need to use those funds.Now, combine the two issues I've listed above to understand what's happening now.These two things happening at the same time - old ICO's are selling their coins to fund their project, while new ICO's are delaying their launch dates until regulators clarify the rules.This throws off the balance. There's more Ethereum being cashed out, than being spent on new ICO investments.The good news is, as I stated above, I believe the new ICO's delaying their launches are simply 'playing it safe' - if they are legitimate, I do not expect regulators to be giving them any bad news soon.Once these fears die down - a massive recovery is likely coming for Ethereum. Especially with some of massive developments in solving the scaling issues (read about that).Currently, for these reasons I believe Ethereum is the most undervalued coin on the market.