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Ms. Warren’s decline had begun in earnest at the October debate, when she was pressed on how she would pay for Medicare for all and had no answer. It took weeks to detail her plan, but by then her perceived trustworthiness seemed to have taken a hit: The candidate with a plan for everything did not have one to finance the biggest issue of the campaign. (Mr. Sanders, despite releasing fewer details on how he plans to enact Medicare for all, has faced fewer questions.)

When she did roll out details, she was criticized by those on the left for compromising too much and by centrists for the sheer size of the plan. The episode captured a fundamental pain point for her candidacy: She was too much of an insider for those demanding revolution, and too much of an outsider for those who wanted to tinker with the system and focus on beating Mr. Trump.

As the race intensified in the fall, Ms. Warren was reluctant to strike back at her opponents, even as they undermined her image. Pete Buttigieg made deep incursions into her support among educated white voters but she did not call him out in earnest until December, even as he flooded the Iowa airwaves with a moderate message undercutting her progressive platform.

While most campaigns used the megaphone of mass television ads to cut through the media filter, Ms. Warren’s braintrust was cool to the power of commercials from the start, preferring on-the-ground and digital organizing.

At times, Ms. Warren’s campaign did not reflect the urgency of a candidacy trying to make history and promote a program of systemic upheaval that included government-run health care, free public college, student debt cancellation, breaking up Big Tech, universal child care, and tax increases on the wealthy.

After weak finishes in Iowa and New Hampshire, Ms. Warren charged into the February debate planning to confront Mr. Bloomberg in his first appearance onstage. In Mr. Bloomberg, she found a rare rival she seemed truly comfortable attacking, a walking embodiment of the influence of money she rails against.

She slashed. He stumbled. Mr. Bloomberg would never recover. Ms. Warren’s donations surged, but her vote count did not.