Ethereum is experiencing downward pressure as its price has fallen nearly 15% since September 12, currently trading at $4,113. The cryptocurrency is facing challenges due to a rising circulating supply and decreased institutional interest. On-chain data reveals an addition of 76,488.71 ETH to the public supply over the past month, with lower burn rates unable to counterbalance this increase. Additionally, outflows from ETH-focused funds have reached $389 million in October, marking the largest outflow since March. The declining On-Balance Volume (OBV) indicator further suggests weakening buyer demand, heightening the risk of ETH dropping below $4,000.