Ethereum is facing downward pressure, with its price experiencing a decline of 10% in the last week due to ongoing outflows from U.S.-based exchange-traded funds (ETFs) linked to Ethereum. Over the past seven weeks, these ETFs have witnessed outflows totaling over $82.47 million. This trend has been particularly pronounced this week, with a total of $29.2 million leaving Ethereum spot ETFs in four consecutive days, fueled by withdrawals from Grayscale’s fund (ETHE) and Bitwise (ETHW). These funds have collectively seen significant outflows over the past weeks. 10% price drop. Additionally, network activity is slowing down as fewer users interact with applications on the Ethereum blockchain. This decline is reflected in unique active wallets on Ethereum, which has dropped by more than 33%, compared to Solana’s 16% decrease and Tron’s 16% increase in activity. Adding to concerns, Standard Chartered Bank lowered its year-end price target for Ethereum by 60%, expecting it to close at around $4,000. The bank attributes this prediction to Ethereum’s perceived dependence on Layer 2 networks, potentially impacting its competitive edge.