I think that the tide might turn because we have 3 events looking forward to profitable mining.
1) BTC halving - If BTC can break the 2019 or 2017 ATH then I am assuming there will be FOMO in ETH.
2) Antminer E3 - In about 40 days they won't be able to mine ETH. Hopefully there are many of these E3's that free up the difficulty
3) ProgPOW - Going live in July 2020. Should eliminate the other brand of ETH asics which are more powerful.
yeah the exchanges are trading 1000's of non existent coins.