Ethereum faced intense selling pressure on November 6, 2026, dropping roughly 8% and sliding toward the $2,200 level. The decline coincided with broader cryptocurrency selling and significant capital flight from spot ETH exchange-traded funds, which recorded nearly $100 million in single-day net outflows.
By November 7, ETH had stabilized near $2,245, but sentiment remained fragile. Spot ETH ETFs extended their bleed, with total weekly outflows reaching approximately $365 million. Analysts cautioned that losing the $2,200 support zone could expose the next downside target around $2,100, turning the current stabilization into a lower-high pattern rather than a durable recovery.
The outflows from spot ETH ETFs suggest institutional and retail investors have been reducing Ethereum exposure amid rising risk-off conditions. While the market held above the immediate support for now, continued ETF redemptions may keep pressure on ETH unless buying demand returns.
