Ethereum Drops 8% Toward $2,200 as Selloff Deepens, ETH ETFs Bleed

Ethereum fell more than 8% in 24 hours to trade around $2,220 on November 6. The selloff is crypto-wide. US spot ETH ETFs logged nearly $100 million in net outflows, and total liquidations topped $1 billion.

Bitcoin dropped 6.1% to nearly $75,500 after a rejection at $81,000. That extends Bitcoin's slide below $77,000 on Nov. 5.

The ETH drop followed a failed recovery toward $2,450. It erased the gains made after the November 3 midterms, when Democrats won control of both chambers of Congress.

CoinGlass data showed more than $210 million in ETH liquidations over 24 hours, $179 million of them longs. Total crypto liquidations exceeded $1 billion.

ETF outflows reverse

US spot Ethereum ETFs shed $99.9 million on November 5, according to SoSoValue. That reversed $53 million of inflows the previous day. BlackRock's ETHA lost $75.2 million, ETHB $22 million, Fidelity's FETH $2.2 million and Grayscale's ETHE about $500,000.

It is the third outflow day this month, after $139.7 million on Nov. 2 and $85.3 million on Nov. 3.

The cited drivers are macro: Nasdaq losses on November 5 in tech and semiconductor shares, rising borrowing costs, and doubts about returns on AI infrastructure spending.

Sentiment and positioning

The Crypto Fear & Greed Index fell to 28 on November 6 from 50 a day earlier. It read 30 last week and 71 a month ago.

CryptoQuant data puts ETH derivatives open interest at about $11.4 billion, versus nearly $16 billion in late September. Exchange reserves sit near 14.6 million ETH, down from over 21 million in early 2025. Lower reserves do not automatically mean stronger buying demand. Withdrawals can reflect staking, private custody or transfers between platforms.

Levels

RSI is at 38.65. That is above the oversold threshold of 30, so it does not confirm selling exhaustion. MACD sits at -59.79 against a signal line of -60.77. The histogram of 0.98 points to slightly improving momentum.

Support sits near $2,200, then $2,000. Resistance is around $2,350 and $2,500.

Altcoins follow

XRP fell about 9.5% to below $1.185 after a rejection near $1.35. That is its lowest since the August 22 crash. It was the weakest of the top 30 altcoins, and its market cap dropped to $75 billion. XRP ETFs saw a minor red day Monday and no flows Tuesday through Thursday, according to SoSoValue. Solana also posted substantial daily losses.

This is a macro-driven risk-off move, not a crypto-specific shock. ETH open interest is down roughly 29% from late September, so there is less leverage left to flush. ETF flows have yet to turn consistently positive. A hold above $2,200 is the near-term test.