Ethereum’s price has remained relatively stagnant this week, with investors remaining cautious and exchange-traded fund outflows continuing. Despite a recent increase of 14%, ETH is currently trading around $1,580, hovering at the same level throughout the week. Analysts suggest that Ethereum’s performance is being impacted by the rise of competing layer-2 networks like Base and Arbitrum, as well as other networks like Sui and Solana, which are gaining market share in DeFi and gaming. Spot Ethereum ETFs have also experienced ongoing outflows, with zero inflows recorded on Thursday, marking eight consecutive weeks of net outflows. This suggests a lack of investor interest in these funds. Additionally, some Ethereum investors are selling at a loss as a sign of bearish sentiment. This is further evidenced by the Network Realized Profit/Loss remaining red for an extended period, a measure that reflects the overall profitability or loss of all coins transacted on the blockchain. 14% from its lowest point this month and shows signs of bullish divergence. The daily chart also reveals a bearish trend after peaking at $4,100 last year, with ETH currently trading below both the 50-day and 200-day EMA’s. This is particularly relevant as it falls within a key support level at $2,140, a level that was crucial in past triple-top patterns on the weekly chart. A strong bullish breakout is likely, with the next target being $2,140, a potential 35% increase from its current price.