Ethereum's price struggles to surpass the $4,500 resistance level due to declining demand, evidenced by negative net spot buying and significant outflows from spot Ethereum ETFs, totaling $787.6 million last week. Since reaching a peak of $4,950 on August 14, ETH has formed a series of lower highs and lows. Currently, the lack of buyers indicates a potential drop to $3,550, supported by a bearish descending triangle pattern on the daily chart. Ethereum's futures open interest has also decreased by 18% to $58 billion, reflecting reduced market participation and bearish sentiment. Furthermore, Ethereum's revenue from network fees fell 44% in August, with network activity also declining. This revenue drop impacts the cryptocurrency's deflationary mechanics, weakening upward price momentum. Some analysts believe that there might be a rebound if ETH price maintains above $4,200, while others suggest it may retest lower levels before a potential recovery.

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