Ethereum price has fallen more than 8% over the past 24 hours, dropping toward $2,200 as losses in U.S. technology stocks, cryptocurrency liquidations and renewed withdrawals from spot ETH exchange-traded funds weigh on the market.
Summary
- Ethereum fell more than 8% as technology stock losses spread across the cryptocurrency market.
- CoinGlass data showed $210 million in Ethereum liquidations, including $179 million from leveraged long positions.
- U.S. spot Ethereum ETFs recorded nearly $100 million in net withdrawals on November 5 alone.
- Ethereum exchange reserves fell toward 14.6 million ETH, while derivatives open interest continued declining further.
- Ethereum faces immediate support near $2,200, with RSI below 40 indicating continued weak buying momentum.
According to crypto.news market data, Ethereum traded around $2,220 on November 6, down approximately 8.3% in 24 hours. Bitcoin fell 6.1% to nearly $75,500, while the total cryptocurrency market capitalization declined as investors reduced exposure to riskier assets.
Ethereum’s latest decline followed a failed recovery toward $2,450, with the cryptocurrency losing the gains it recorded after the U.S. midterm elections.
Ethereum price falls as technology stocks decline
Selling across U.S. technology stocks coincided with renewed weakness in cryptocurrencies, including Ethereum and Bitcoin. Investors faced concerns over rising borrowing costs, spending on artificial intelligence infrastructure and the financial returns expected from those investments.
The Nasdaq recorded heavy losses on November 5 as technology and semiconductor shares declined. Cryptocurrency-related stocks faced similar pressure, while Bitcoin slipped below $76,000 and Ethereum fell toward $2,200.
Notably, the selling followed a short recovery after the November 3 midterm elections, when Democrats won control of both chambers of Congress. However, the subsequent decline affected several major cryptocurrencies, with XRP and Solana recording substantial daily losses.
Market sentiment weakened during the selloff. The Crypto Fear & Greed Index fell to 28 on November 6, compared with 50 the previous day. Last week’s reading stood at 30, while the index registered 71 a month earlier.
The drop placed market sentiment in the fear category after the previous day’s neutral reading.
Ethereum liquidations accelerate as leveraged positions close
Derivatives trading added pressure to Ethereum during the decline, with exchanges closing leveraged positions as prices moved against traders.
According to CoinGlass data, Ethereum recorded over $210 million in liquidations over 24 hours. Long positions accounted for $179 million, showing that traders betting on higher prices suffered most of the forced closures.
Across cryptocurrencies, liquidations exceeded $1 billion as Bitcoin and other major assets declined. Forced liquidations occur when traders no longer have enough collateral to maintain their leveraged positions.
Moreover, Ethereum’s derivatives activity had already weakened before the latest selling. CryptoQuant data showed open interest across tracked exchanges falling to approximately $11.4 billion by November 6, compared with nearly $16 billion in late September.
The decline indicates fewer outstanding contracts in the tracked market. Open interest does not distinguish between bullish and bearish positions, although falling prices alongside declining open interest can accompany position closures.
Earlier, crypto.news reported Ethereum liquidations exceeding $106 million on Binance within one hour during October’s inflation-driven market decline.
Ethereum ETF outflows reach nearly $100 million
Institutional investment flows provided another source of pressure after U.S. spot Ethereum ETFs returned to net withdrawals on November 5.
According to SoSoValue data, U.S. spot Ethereum ETFs recorded nearly $100 million in net outflows, reversing the $53 million in net inflows recorded the previous day.
BlackRock’s ETHA accounted for $75.2 million in withdrawals, while its ETHB fund recorded another $22 million. Fidelity’s FETH lost $2.2 million, and Grayscale’s ETHE reported approximately $500,000 in redemptions.
The withdrawals followed net outflows of $139.7 million on November 2 and $85.3 million on November 3.
Meanwhile, Ethereum exchange reserves continued declining, according to CryptoQuant data. Balances across centralized exchanges fell from more than 21 million ETH in early 2025 to approximately 14.6 million ETH on November 6.
Lower exchange balances mean fewer tokens remain in wallets classified as exchange reserves. However, withdrawals can involve staking, private custody or transfers between platforms and do not automatically establish stronger buying demand.
An October analysis of Binance reserves found that the exchange’s ETH holdings fell by approximately 430,000 tokens between August 25 and October 16.
Ethereum price tests $2,200 as RSI remains weak
Ethereum’s technical indicators show that selling pressure remains present after the recent rejection around $2,440–$2,450.
The Relative Strength Index stands at 38.65, below the neutral level of 50 but above the conventional oversold threshold of 30. This indicates weak buying momentum without confirming that the decline has reached an exhaustion point.
The MACD line stands at -59.79, slightly above its signal line of -60.77. Although the positive histogram reading of 0.98 suggests some improvement in momentum, both lines remain below zero.
Immediate support sits near $2,200, followed by the $2,000 area if selling continues. Resistance remains around $2,350, with another barrier near $2,500.
A November 5 Ethereum price analysis identified the $2,170–$2,200 region as an important support area after ETH lost its position near $2,240.
A recovery above $2,350 would put the recent rejection zone near $2,450 back into focus. A sustained break below $2,200 would expose the lower support levels around $2,100 and $2,000.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
