Key takeaways: Ethereum price is facing headwinds as it struggles to break the crucial $4,500 resistance level. Recent trends suggest weakening demand and a potential shift in sentiment for the cryptocurrency. Analysis reveals several factors contributing to this stagnation, including declining spot buying and ETF outflows, alongside technical signals indicating a potential price decline. 1. Spot Ethereum ETF outflows have been significant, with investors pulling funds from these investment products at an average rate of $446.8 million per day last week. This drop in demand is further reflected by the negative net spot buying on exchanges. 2. The ETH/USD price chart shows a series of lower highs and lows, indicating a weakening trend. A decline in open interest for Ether futures suggests reduced market participation and bearish sentiment, potentially impacting price momentum. 3. While there has been a drop in Ethereum revenue from the network fee burn mechanism, the price is still showing signs of strength, but without sustained buying pressure, its upward momentum may weaken. 4. Technical analysis points to a potential downward trend with ETH prices falling towards the $3,550 level. However, some analysts are optimistic about a rebound in Ethereum prices before a deeper decline. 5. Ultimately, investors should consider these factors and analyze their own risk tolerance before making any investment decisions. 6. This article does not contain investment advice or recommendations.