I don't see how Edwards is doing worse than Kerry's low spot.
If nothing else, he's doing worse in fundraising...despite his difficulties, I think Kerry was still in 2nd in fundraising (even 3rd Q fundraising) at this time in '04. Edwards is in a distant 3rd in fundraising and has had to accept public matching funds.
Kerry's COH was terrible, he actually took out a mortgage to keep his campaign going, which looked pretty desperate. It wasn't like Romney, who decided to fill up his coffers more with loans.