Ethereum fell toward $2,200 as technology stock losses, liquidations and renewed spot ETF withdrawals weighed on the market. U.S. spot Ethereum ETFs recorded nearly $100 million in net outflows on November 5, and sentiment slid into the fear category.
Ethereum fell 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.
Tech stock selling spreads to crypto
Ether traded around $2,220 on November 6, down approximately 8.3% in 24 hours. Bitcoin fell 6.1% to nearly $75,500.
The decline followed a failed recovery toward $2,450, and the cryptocurrency lost the gains it recorded after the U.S. midterm elections. Selling across U.S. technology stocks coincided with the weakness, as investors faced concerns over rising borrowing costs, spending on artificial intelligence infrastructure and the financial returns expected from those investments.
Sentiment weakened as well. The Crypto Fear & Greed Index fell to 28 on November 6, compared with 50 the previous day.
Liquidations hit leveraged longs
Derivatives trading added pressure as exchanges closed leveraged positions. According to CoinGlass data, Ethereum recorded over $210 million in liquidations over 24 hours, and long positions accounted for $179 million.
However, open interest had already cooled before the latest selling. CryptoQuant data showed it falling to approximately $11.4 billion across tracked exchanges by November 6, compared with nearly $16 billion in late September.
ETF outflows reach nearly $100 million
Institutional flows added another source of pressure. According to SoSoValue, 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. Meanwhile, balances across centralized exchanges fell to approximately 14.6 million ETH on November 6, according to CryptoQuant.
Support near $2,200 in focus
Immediate support sits near $2,200, followed by the $2,000 area if selling continues. The Relative Strength Index stands at 38.65, below the neutral level of 50 but above the conventional oversold threshold of 30.
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 lower support levels around $2,100 and $2,000.
Source: crypto.news
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