Ethereum has declined more than 14% over the past month, slipping below $4,000 as demand for spot ETH exchange-traded funds weakens. Recent data show several days of outflows totaling about $364 million, while institutional holdings have fallen by more than 120,000 ETH since mid-October.
Technical indicators suggest potential further downside. On shorter timeframes, Ethereum is forming a descending triangle a bearish pattern that could push the price toward $2,870 if the $3,700 support level fails to hold.
The recent weakness reflects cooling investor appetite following the initial surge in spot ETF demand. Market watchers say Ethereum may need renewed institutional inflows or broader crypto market momentum to recover above key resistance levels near $4,000.
