Ethereum slides 6% to $2,093 to start the week

Ethereum opened the week the way nobody hoped. ETH fell 6.42% to $2,093.15 early Monday.

The drop matters because it did not happen in isolation. It came alongside a wave of forced selling from leveraged traders, a week of money leaving US spot Ethereum ETFs, and a technical breakdown on the weekly chart.

How the slide unfolded

Across November 8-9, ETH lost roughly 4.4-6.5% over a 24-hour window. That pushed its trading value into a band between $2,093 and $2,136, depending on the venue and the snapshot.

Intraday lows landed somewhere between $2,063 and $2,108 across major exchanges. At one point, ETH shed around 4% within minutes.

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.

With longs making up roughly nine of every ten dollars liquidated, the picture is clear. Traders were leaning heavily toward upside, and the market made them pay for it.

The ETF bid went missing

The leverage flush landed on a market that was already losing institutional support. US spot Ethereum ETFs saw net outflows of $365.2 million during the week of November 2-6.

Roughly $93 million of that left on November 6 alone. That was a single session doing a sizable share of the week’s damage.

Bitcoin, for its part, held up better. It traded between $74,000 and $75,000, down by about 1-2%.

Outside pressure piled on

The broader decline 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. On top of that came fallout from a significant incident linked to Binance.

The chart signal traders were watching

The most notable technical development came before Monday’s drop even started. ETH closed the prior week below its 200-day moving average, the first time it has done so since mid-August.

The near-term levels in focus are support near $2,100 and resistance around $2,200. With ETH printing $2,093.15 at Monday’s low point, price is sitting right on top of that support zone, and in some venues it has already dipped beneath it.

What this means for ETH holders and traders

A market where longs make up about 92% of liquidations is a market that was crowded on one side.

Weekly outflows of $365.2 million signal that institutional appetite for ETH exposure cooled noticeably heading into this move.

ETH spent roughly three months above the 200-day moving average before slipping under it.

For now, the levels are simple. Holding near $2,100 keeps the damage contained. A push back toward $2,200 would suggest Monday’s drop was mostly a leverage purge. A sustained break below the intraday lows in the $2,063-$2,108 range would suggest the market is not done repricing risk.