Ether crashed about 5% on Monday to around $2,130, leading the crypto market lower as leveraged traders were liquidated and US funds recorded another heavy week of withdrawals. Ether traded at about $2,110 to $2,146 on Monday morning, down roughly 5% over 24 hours, according to Finnhub, OKX and crypto.news price data. It briefly fell below $2,100 during Sunday’s sell-off and touched a low of $2,060, according to KuCoin, before recovering some of its losses — although it remained below the $2,200 level that had previously supported prices. Ether fell 5.04% on Sunday alone to close at $2,124.05, after trading between $2,071 and $2,243, according to The Crypto Basic. It has now closed below its $2,170 October floor, and its daily relative strength index has fallen to about 33, approaching the oversold threshold of 30.
Liquidations and ETF selling
The selling was violent. CoinGlass data showed more than $462 million in ether positions liquidated over 24 hours, according to crypto.news, as leveraged long traders were forced out. US spot Ethereum exchange-traded funds recorded $365.2 million in withdrawals during the November 2–6 trading week, adding institutional pressure to an already weak market. Ether has now fallen about 8.5% over the past week and about 22% over the past month, according to Finnhub data, and is roughly 57% below its all-time high of $4,946. It has been struggling since trading near $2,800 in late September, and the ETH-to-Bitcoin ratio has slipped to 0.0295 — a sign ether is underperforming bitcoin even as both fall.
Resistance at $2,200
For holders, the immediate question is whether $2,100 holds. Analysts put resistance near $2,200, with support around $2,100, and one analyst cited by crypto.news sees a downside target zone between $1,832 and $2,069 under a wave-count framework. The network’s next upgrade, Glamsterdam, also hit a delay last week when the Ethereum Foundation said its Hoodi testnet fork would not proceed until outstanding issues are resolved. The next test comes on Tuesday, when the October US inflation report is published at 8:30 a.m. Eastern. A hot reading would strengthen the case for a December Federal Reserve rate rise — traders price the odds at roughly 75% to 80% — and weigh further on crypto. A soft one could yet stay the Fed’s hand, and give ether its first reason to bounce in weeks.
