ETH Has proven to be great for ICOs but I do believe that is a large backing of the system at the moment for the massive price increase.
Is that a bad thing?
I don't think so make some profit! If people want it they will pay for it and I learned long ago stop trying to tell people what they should want and instead just give them what they want it is much more profitable.
That being said we have a number of ICOs rolling out this weekend that i know of and sure many more that I do not know of. I seem ETH price jumping again here as people buy into more ICOs for now.