Ether (ETH) continues to struggle, failing to surpass $3,600 despite positive regulatory developments. The bearish momentum is attributed to a lack of institutional demand and regulatory uncertainties within the Ethereum ecosystem. The U.S. SEC recently concluded its investigation into Ethereum, ruling it's not a security. However, concerns remain about the U.S.'s fiscal health, with rising wages and an increasing jobless rate. Experts warn that a sharp correction in the S&P 500 could negatively impact cryptocurrencies. Despite these challenges, Ethereum remains the leader in DApp volumes, but competitors are closing in. The upcoming launch of U.S. spot Ethereum ETFs could also be impacted by these market conditions.