Ethereum dropped below the $2,100 level on Monday, with the price reaching an intraday low of $2,084. CoinMarketCap recorded Ethereum trading near $2,093, marking a decline of nearly 2% on the day as market participants awaited the latest US Consumer Price Index (CPI) report scheduled for later in the day.
Ethereum underperforms as ETF outflows accelerate
While Bitcoin and much of the broader crypto market remained largely stable, Ethereum lagged behind, underperforming against its peers. Data from CoinMarketCap indicated only a minor drop in Bitcoin, with Ethereum experiencing a more pronounced dip.
Spot Ethereum exchange-traded funds (ETFs) in the US saw significant net outflows, which added to the selling pressure. Farside Investors reported that on November 9, Ethereum spot ETFs recorded outflows totaling $184.6 million. Institutional investors continued to pull assets from these funds, impacting price action.
BlackRock’s ETHA ETF saw the highest outflow, losing $119.3 million. Grayscale’s ETH fund recorded outflows of $25 million, while ETHB and FETH followed with $20.8 million and $19.1 million withdrawn, respectively. Only the MSSE fund recorded positive inflows of $1.6 million, which did little to counter the overall trend.
Trading activity remained subdued, and CoinMarketCap highlighted that weak weekly trends and lower volume continued to signal limited market demand.
BlackRock led ETF outflows with $119.3 million leaving ETHA, followed by $25 million withdrawn from Grayscale’s product and over $20 million from smaller funds, underlining persistent institutional withdrawal from Ethereum ETFs.
Key technical levels and chart signals
Ethereum’s price chart reflected persistent bearish momentum since its October decline from around $2,700. The pattern of lower highs and lower lows persisted, as each bounce failed to surpass the previous peak and each dip broke prior support.
The price continued to trade below the Ichimoku Cloud, a technical indicator used to assess potential support and resistance. Key mid-term resistance levels sat around $2,255 on the Tenkan-sen and $2,293 on the Kijun-sen, while the Ichimoku Cloud spanned $2,274 to $2,434. Analysts noted that reclaiming the $2,255–$2,293 range would be critical for a stronger recovery.
According to the Relative Strength Index (RSI), Ethereum stood at 31.46, with its moving average at 36.16. Although the current RSI reading is below the average, it has not reached oversold levels, leaving open the possibility for further downside.
Analyst Daan Crypto Trades highlighted that Ethereum has retreated to the 0.786 Fibonacci retracement level and now sits at a major $2,100 support. Retaking the daily 200-day moving average could be pivotal for reversing current momentum.
All eyes on US inflation data
The upcoming US CPI report is being closely watched and could serve as a catalyst for further volatility in Ethereum and the broader crypto market. The October reading, due to be released later in the day, has the potential to move prices significantly in either direction.
Analysts observed that lower-than-expected inflation could relieve some pressure on cryptocurrencies, while a higher print might push Ethereum closer to the $2,000 support level. Last week’s selling in the crypto sector positioned the market for a heightened reaction to any surprise in inflation data. Additional economic releases, such as Producer Price Index (PPI) figures due Friday and scheduled comments from Federal Reserve officials throughout the week, could further influence sentiment.
If Ethereum holds above the $2,082 area, technical analysis points to a potential rebound toward $2,107–$2,123. However, a sustained fall below $2,084 increases the likelihood of a decline toward the psychological $2,000 threshold. Conversely, a recovery above $2,255 and $2,293 would indicate a possible shift to bullish momentum.
With volatility expected to rise following inflation data, CryptoAppsy can help traders track real-time Ethereum prices and receive smart price alerts when crucial levels like $2,100 or $2,200 are approached or breached. Leveraging these features allows market participants to react swiftly to sudden moves resulting from US economic news and changing ETF flows.
