Ethereum (ETH) experienced a notable downturn on November 9, sliding 4.4% to $2,136.61, marking its lowest price point since August. This decline comes as broader market forces and forced liquidations create turbulence in the crypto space.
In a dramatic turn of events, Ethereum recorded an astonishing $449.03 million in liquidations over the 24-hour period, the highest of any cryptocurrency. Of this total, a staggering 91.8% were long positions, amounting to $412.30 million, while short positions accounted for a mere $36.73 million.
Ethereum’s Liquidation Dominance
The crypto market as a whole saw liquidations surpassing $1 billion, affecting 151,027 traders, with Ethereum alone contributing approximately 44% of that total. In comparison, Bitcoin recorded $273.85 million in liquidations, placing ETH’s figure at about 1.6 times that of Bitcoin, despite Ethereum’s market capitalization being less than one-fifth of Bitcoin’s.
The largest single liquidation event involved a long position of $48.16 million on Binance’s ETH/USDT pair, which closed at $2,095.50, falling below the market-wide low of $2,108.59. The wave of selling began around 21:30 UTC on November 8, with ETH plummeting from approximately $2,220 to below $2,130 within minutes.
However, amid this chaos, data from Lookonchain indicated that major investors, or “whales,” capitalized on the dip. Notably, a wallet identified as 0xFD10 borrowed 22 million USDT from Aave to purchase 10,000 ETH at $2,155. Another wallet withdrew 3,500 ETH from Binance during this period, signaling confidence in Ethereum’s potential rebound.
Market Pressures from Tech Stocks and ETF Outflows
The downward pressure on ETH’s price has been further compounded by broader market trends. On November 5, the Nasdaq Composite fell by 5.52%, and the PHLX Semiconductor Index dropped 12.25%, leading to a 7% decline in ETH on the same day, resulting in liquidations totaling $164.72 million. Analysts have linked these movements to concerns over tighter regulations expected under a Democratic-controlled Congress.
Additionally, U.S. spot Ether ETFs reported $93.19 million in net outflows on November 6, with BlackRock’s ETHA alone accounting for $90.76 million. Over the past week, total outflows reached $365.28 million, marking the sixth consecutive week of withdrawals, with overall outflows in October totaling $1.61 billion.
Concerns were also raised following a security breach at Binance, which impacted around $6.3 billion in client assets, along with ongoing discussions regarding the stalled CLARITY Act. Despite these factors, no specific failure or exploit within the Ethereum network has been identified as a contributing cause.
Technical analysis from analyst Daan Crypto Trades suggests that ETH is currently testing its bull market support band, a critical level that bulls need to defend. The price first broke below this level in October 2025 but managed to recover above it in August 2026. Currently, support levels are identified at $2,108.59 and $2,100, while resistance is noted at the 24-hour high of $2,242.93.
As of now, Ethereum’s market capitalization stands at $261.399 billion, with ETH trading at 0.02851 BTC, down 3.2%. The upcoming release of the U.S. Consumer Price Index on November 10 is anticipated to further influence market sentiment, particularly with recent job reports raising expectations for another Federal Reserve rate hike.
