Key takeaways
- Ethereum plunges 8% as cryptocurrency selling intensifies
- Spot ETH ETFs record nearly $100 million withdrawals
- Losing $2,200 could expose $2,100 support
Ethereum fell more than 8% toward $2,200 on November 6, reversing its post-election recovery as institutional withdrawals, leveraged liquidations and weakening technology stocks pressured cryptocurrency markets.
ETH traded around $2,220 during Friday's earlier session, down approximately 8.3% over 24 hours. The cryptocurrency had approached $2,450 during its recent rebound but failed to sustain momentum above $2,400.
According to Farside Investors, US spot Ethereum ETFs recorded $99.9 million in net outflows on November 5, erasing the previous session's $53 million inflow. The reversal renewed concerns about whether institutional demand can support Ethereum's recovery.
Ethereum ETF Outflows Return as $210M in Positions Are Liquidated
The latest ETF withdrawals followed a brief improvement in institutional sentiment.
On November 4, Ethereum funds attracted $53 million, ending seven consecutive trading sessions of withdrawals totaling approximately $656 million.
That recovery helped fuel expectations of another attempt at $2,500, as highlighted in Coinpaper's previous Ethereum price prediction.
However, demand weakened almost immediately.
BlackRock's ETHA recorded $75.2 million in withdrawals on November 5, while its ETHB product lost another $22 million. Combined, the two funds accounted for approximately 97% of the day's net outflows.
The selling followed an already difficult October, when Ethereum ETFs lost approximately $1.61 billion.
Derivatives traders also faced substantial losses.
CoinGlass data cited by crypto.news showed roughly $210 million in Ethereum liquidations, including $179 million in leveraged long positions. These forced closures can accelerate price declines when falling prices trigger additional selling.
Meanwhile, Bitcoin ETF withdrawals reached $430 million, demonstrating that institutional weakness extended beyond Ethereum.
Ethereum Price Prediction: Can ETH Hold $2,200?
Ethereum's immediate support sits around $2,200–$2,207, a region that has attracted buying during recent declines.
A sustained breakdown below that zone could expose $2,170, followed by approximately $2,150.
Below those levels, the next significant downside area emerges around $2,060–$2,100. The psychological $2,000 level could become relevant if broader selling accelerates.
The downside scenario resembles Coinpaper's earlier warning about Ethereum's $2,000 risk, although a move toward that level is not guaranteed.
On the upside, ETH must first recover $2,270–$2,300 to weaken the immediate bearish structure.
A sustained move above $2,300 could reopen the path toward $2,380–$2,400, where sellers previously interrupted the recovery.
Ethereum's daily relative strength index hovered near 39, indicating weak momentum without definitively confirming oversold conditions.
Can Ethereum Recover After the Latest Selloff?
Ethereum's next move may depend on whether ETF withdrawals slow and broader market sentiment stabilizes.
The latest correction coincided with another technology-sector selloff, reinforcing the connection between cryptocurrency volatility and investors' appetite for risk.
Earlier Ethereum recovery attempts also struggled to sustain momentum without consistent institutional buying.
