Ether slipped to about $2,235 on Sunday as US crypto funds recorded a second straight week of outflows — and the network’s next big upgrade hit a delay.
Ether traded at about $2,235 on Sunday morning, down roughly 0.4% over 24 hours in a narrow range of about $2,223 to $2,249, according to market data. It is down about 1.4% over the past week, but the longer picture is worse: ether is about 17% below where it closed thirty days ago, at $2,691.35, and about 55% below its all-time high of $4,946.
The ETH-to-Bitcoin ratio, which measures the two assets against each other rather than against the dollar, has slipped to 0.0295 — a sign that ether is underperforming bitcoin even as both fall.
ETF outflows continue
US spot Ethereum exchange-traded funds posted net outflows of $99.97 million on November 5 and $93.19 million on November 6, according to SoSoValue data cited by CoinStats — a second week of selling that mirrors the heavier outflows from bitcoin funds, which lost $411.9 million on Friday alone.
The selling comes as Friday’s hot US jobs report — 165,000 jobs added in October, far above the 65,000 expected — pushed traders to price in a 75% to 80% chance of another Federal Reserve rate rise in December. Higher rates tend to weigh on riskier assets, and crypto has been no exception.
An upgrade delayed
There was also disappointing news for the network itself. The Ethereum Foundation said on November 6 that the Hoodi testnet fork of Glamsterdam, the network’s next upgrade, will not proceed until outstanding issues are resolved. Two proposals that change what state costs on the network, known as EIP-8037 and EIP-8038, remain under peer review after a November 1 deadline for last call.
For holders, the weekend brings the usual pause: US markets are shut, trading volumes nearly halve, and the next test comes on Monday, when stock markets reopen and crypto takes its cue from equities again. If bitcoin loses its 50-week moving average near $75,556, ether is likely to follow it lower — and with no fresh catalyst dated this weekend for either coin, the market’s message for now is caution. Ether’s immediate support sits near $2,206, according to technical analysis, with resistance above $2,250. One sign of confidence amid the selling: a single whale, using two wallets, withdrew 18,550 ether — worth more than $42 million — from exchanges over five days, according to The Currency Analytics, a move often read as buying the dip.
