Ethereum falls 8% to $2,200 as ETF outflows hit $99.9 million
Ethereum dropped over 8% to trade near $2,200 on November 6, losing much of its recent post-election gains as institutional outflows, leveraged position liquidations, and declining technology stocks weighed on digital assets markets.
ETF withdrawals push ETH lower
During Friday’s session, ETH approached $2,220, falling roughly 8.3% over 24 hours. The decline came after Ethereum nearly touched $2,450 earlier in the week but struggled to maintain its trajectory above the $2,400 resistance zone.
Data from Farside Investors indicated that US spot Ethereum exchange-traded funds (ETFs) saw $99.9 million in net outflows on November 5, erasing the prior day’s $53 million inflow. This reversal heightened speculation about the ability of institutional inflows to support any rebound in Ethereum’s price.
Farside Investors reported that net outflows from US spot Ethereum ETFs reached $99.9 million, overturning gains from the previous trading session and sparking fresh debate about institutional commitment to the $ETH market.
On November 4, Ethereum funds attracted $53 million, briefly ending a series of seven consecutive session outflows totaling about $656 million. That influx had encouraged forecasts for a renewed push toward $2,500, as outlined in recent market analyses.
However, on November 5, BlackRock’s ETHA fund withdrew $75.2 million, while its ETHB product saw another $22 million exit. Collectively, these two BlackRock ETFs accounted for roughly 97% of the day’s net outflows, underscoring the scale of institutional withdrawals.
October also proved challenging for Ethereum-based ETFs, with losses amounting to approximately $1.61 billion across the sector.
BlackRock is a leading global asset management company based in the United States, widely recognized for its extensive exchange-traded fund offerings and influence in traditional and cryptocurrency markets.
Mini dictionary: BlackRock, one of the world’s largest investment management firms, is known for launching and managing multiple ETFs, including cryptocurrency-focused products that offer institutional investors exposure to digital assets.
Leverage liquidations add to selling pressure
Derivatives traders endured significant losses during this selloff. Data from CoinGlass, cited by crypto.news, showed roughly $210 million in Ethereum liquidations occurred, with about $179 million of those linked to leveraged long positions. These forced liquidations tend to accelerate downward price movements when triggered, as additional selling is prompted by falling markets.
According to data analyzed by CoinGlass, $210 million of ETH futures were liquidated, mainly from leveraged longs, deepening the recent selloff and placing short-term traders under increased stress.
Selling pressure was not unique to Ethereum as Bitcoin ETFs reported $430 million in net outflows, pointing to widespread institutional retreat in the crypto sector.
Key support and resistance levels
After the downturn, Ethereum is trading close to the $2,200–$2,207 support region, an area that has attracted buyers during previous declines. A sustained loss of this range could expose further downside to $2,170 and then roughly $2,150. Larger downside areas are positioned between $2,060 and $2,100, with the psychological $2,000 round number emerging if broader declines continue.
| First support | $2,200–$2,207 |
| Second support | $2,170 |
| Third support | $2,150 |
| Deeper support | $2,060–$2,100 |
| Psychological support | $2,000 |
On the resistance side, ETH needs to reclaim $2,270–$2,300 to alleviate some downside pressure. A decisive move above that threshold would open the way toward the $2,380–$2,400 range, where previous efforts to rally lost steam.
Market sentiment and outlook
Ethereum’s daily relative strength index (RSI) hovered near 39, signifying lower momentum but not establishing a clear oversold condition. Future moves may depend on whether ETF outflows lose steam and whether sentiment across broader financial markets improves.
The latest correction occurred alongside another selloff in the technology sector, highlighting the tight relationship between crypto price volatility and investor risk appetite.
Past attempts by Ethereum to recover also stagnated when institutional activity remained inconsistent, suggesting that renewed inflows could play a key role in any sustained rally.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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