Ethereum (ETH) is encountering several challenges as it enters October, with on-chain data highlighting three significant risks. The growth in staked ETH has been stagnant since mid-July, reflecting investor caution. Additionally, inflows into Ethereum ETFs have slowed since early August, weakening a previously strong bullish narrative. Furthermore, stablecoin netflows to centralized exchanges have turned negative since September 22, indicating a reduction in spot liquidity. These factors could pose challenges to Ethereum's performance this month, despite its robust fundamentals and favorable macroeconomic conditions.