Ethereum fell more than 8% over 24 hours to around $2,220 on November 6, as losses in U.S. technology stocks, heavy derivatives liquidations and renewed spot ETH exchange-traded fund withdrawals weighed on the market. The decline followed a failed recovery toward $2,450 and erased gains recorded after the U.S. midterm elections.
According to CoinGlass data, Ethereum liquidations exceeded $210 million, including $179 million from leveraged long positions. Total cryptocurrency liquidations surpassed $1 billion. CryptoQuant data showed ETH open interest falling to approximately $11.4 billion, down from nearly $16 billion in late September, signaling fewer outstanding derivatives contracts.
Spot Ethereum ETFs returned to net outflows on November 5, with nearly $100 million withdrawn. BlackRock’s ETHA accounted for $75.2 million of outflows, while its ETHB fund recorded $22 million. Fidelity’s FETH lost $2.2 million and Grayscale’s ETHE reported about $500,000 in redemptions. Exchange reserves also declined to roughly 14.6 million ETH from more than 21 million ETH in early 2025.
Technical indicators remained weak, with the RSI at 38.65 and immediate support near $2,200, followed by the $2,000 area. Resistance sits near $2,350 and $2,500. The Crypto Fear & Greed Index fell to 28, placing sentiment in fear territory.
Against this bearish backdrop, a trader with a 100% win rate opened a 25x leveraged long position on 20,277 ETH worth approximately $45.3 million. The trader previously realized $6.32 million in profits, adding a notable contrarian bullish signal as traders monitor whether Ethereum can hold key support.
