Ether fell below $2,100 early Monday as leveraged longs were liquidated and US spot Ethereum ETFs recorded a week of outflows. The price also closed the prior week under its 200-day moving average for the first time since mid-August.
Ethereum opened the week under pressure: ETH fell 6.42% to $2,093.15 early Monday. The drop did not happen in isolation. It arrived alongside forced selling from leveraged traders, ETF outflows and a technical breakdown on the weekly chart.
Longs take most of the liquidation hit
Across November 8-9, ETH lost roughly 4.4-6.5% over 24 hours, trading between $2,093 and $2,136 depending on the venue and snapshot. Intraday lows landed between $2,063 and $2,108 across major exchanges.
Liquidations tied to ETH positions totaled $449-462 million over 24 hours. Long positions accounted for approximately $425 million of that, or about 92% of the total. Traders were leaning toward upside, and the market made them pay for it.
ETFs lose institutional support
The leverage flush landed on a market already losing institutional backing. US spot Ethereum ETFs saw net outflows of $365.2 million during the week of November 2-6, and roughly $93 million of that left on November 6 alone.
Bitcoin held up better. It traded between $74,000 and $75,000, down about 1-2%.
Pressure from outside crypto
Declines in technology stocks, visible in the Nasdaq, weighed on risk appetite across markets. The selloff also coincided with regulatory unease following the US midterm election results, and with fallout from a significant incident linked to Binance.
The 200-day line and the levels in focus
ETH closed the prior week below its 200-day moving average, the first time it has done so since mid-August. It had spent roughly three months above that line.
The near-term levels in focus are support near $2,100 and resistance around $2,200. At Monday's low of $2,093.15, ETH was sitting right on top of that support zone. A push back toward $2,200 would suggest the drop was mostly a leverage purge, while a sustained break below the $2,063-$2,108 lows would suggest the market is not done repricing risk.
Source: Crypto Briefing
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