Without doing any wild TA here you can see that ETH is interacting with a major trendline and a dip below here pulled by BTC price action could be extremely bad. On the flip side if BTC is forming a bottom then this could mean extremely positive buying opportunities. Generally, the entire alt market is watching for a BTC reversal so I'd avoid any positions unless you're buying on a BTC breakout or strong reversal pattern with other confirming indicators. Downside risk is very high due to both BTC downside risk and overall regulatory risk and the dampening of ICO markets. A regulatory green light for ICOs would be independently positive and could trigger an uncorrelated move but I think this trend will need some time to play out.
In general, most smart contract oriented alts are a "hold" right now until a few positive things play out.