Ethereum's price has been struggling to break the resistance level at $4,500, demonstrating decreasing demand as shown by declining spot buying and significant outflows from Ethereum ETFs. Following its all-time high of $4,950 on August 14, Ether has formed lower highs and lower lows, flipping $4,500 into resistance over the past 10 days. The spot volume delta indicates negative net buying, suggesting any price recovery might lack momentum without fresh buyers. Furthermore, Ether futures open interest has dropped by 18% to $58 billion, indicating reduced leverage and possibly weaker bullish sentiment. Revenue from Ethereum has also decreased significantly, falling about 44% in August, alongside a drop in network fees. Additionally, a descending triangle pattern on the ETH price daily chart indicates a potential downtrend toward $3,550 if the price breaks below the $4,200 support level. Analysts remain divided, with some suggesting a bounce around $4,200, while others foresee deeper drops as more probable. Overall, Ethereum needs to attract buyers to overcome current obstacles and initiate a long-term uptrend.

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