Why is Ethereum price down today, November 9?

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Ethereum price has fallen more than 4% over the past 24 hours as leveraged traders faced heavy liquidations and continued institutional fund withdrawals added pressure to an already weak cryptocurrency market.

Summary

Ethereum price fell more than 4% as leveraged long liquidations intensified selling across cryptocurrency derivatives markets.
Ethereum traders faced $462 million in liquidations, with long positions accounting for most losses.
U.S. spot Ethereum ETFs recorded $365.2 million in withdrawals during the November 2–6 trading week.
Lookonchain reported liquidation of a 56,667 ETH long position after the trader previously reduced exposure.
Ethereum price faces resistance near $2,200 as analysts monitor potential support around the $2,100 price level.

According to crypto.news price data, Ethereum traded near $2,146 on November 9, after moving between $2,108 and $2,243 during the previous day. The cryptocurrency briefly fell below $2,100 during Sunday’s sell-off before recovering some of its losses, although it remained below the $2,200 level that had previously supported prices.

The decline followed another difficult week for cryptocurrency markets, with Bitcoin struggling below $75,000 and several major altcoins recording losses. Ethereum suffered heavier selling as leveraged positions were closed and investors continued withdrawing money from U.S. spot ETH exchange-traded funds.

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Ethereum liquidations accelerate as leveraged traders face losses

Forced selling across cryptocurrency derivatives markets contributed to Ethereum’s latest decline, with traders holding leveraged long positions taking most of the losses.

CoinGlass data showed over $462 million in Ethereum positions liquidated over 24 hours. Long liquidations accounted for roughly $425 million, representing 92% of the total, while short positions contributed $37 million.

Liquidations occur when traders using borrowed funds can no longer maintain the collateral required by their exchanges. Their positions are closed automatically, and the resulting transactions can add pressure when cryptocurrency prices are already falling.

One particularly large Ethereum trader suffered substantial losses during the decline. Blockchain analytics account Lookonchain reported that a trader’s remaining long exposure of 56,667 ETH, valued at approximately $118.4 million, had been completely liquidated.

This massive $ETH bull got fully liquidated on his 56,667 $ETH ($118.4M) long during the market crash!

He lost $44.78M in total.https://t.co/6RW2LHDeyA pic.twitter.com/3XYmZL1Hse
— Lookonchain (@lookonchain) November 9, 2026

The account attributed cumulative losses of $44.78 million to the trader. Earlier monitoring showed the investor had already reduced a larger 93,184 ETH position by 36,517 ETH in October while attempting to avoid liquidation.

The latest losses followed an earlier period of heavy crypto liquidations as declining prices and weaker institutional demand affected leveraged market positions.

Ethereum ETF outflows continue as institutional demand weakens

Selling pressure has not been limited to futures markets, with U.S. spot Ethereum ETFs recording another week of net withdrawals.

According to Farside Investors, the funds lost approximately $365.2 million between November 2 and November 6. Withdrawals reached $139.7 million on Monday and $85.3 million on Tuesday before Wednesday brought $53 million in net inflows.

The recovery proved temporary, with investors withdrawing $99.9 million on Thursday and another $93.3 million on Friday. BlackRock’s ETHA accounted for $90.8 million of Friday’s redemptions.

As crypto.news reported last weekend, combined Bitcoin and Ethereum ETF withdrawals reached approximately $1.65 billion during the five trading sessions.

Institutional derivatives positioning provided another indication of caution. AMINA Bank’s head of derivatives trading, Andreja Cobeljic, previously identified ETF demand as an important measure of institutional buying interest, while noting that futures activity does not necessarily represent outright bullish investment.

The next fund-flow figures will show whether Monday’s trading brings renewed demand or another day of withdrawals.

Ethereum price weakness follows the wider crypto market decline

Ethereum’s latest losses coincided with selling across other cryptocurrencies following last week’s decline in U.S. technology stocks.

Bitcoin traded near $75,200 during Monday’s session, while XRP and Solana remained under pressure. The Nasdaq’s earlier decline added to concerns about risk-sensitive investments, including cryptocurrencies.

Ethereum had already been struggling since trading near $2,800 in late September. Successive recovery attempts failed to regain previous highs, leaving the asset in a downward price structure.

Its recent fall below $2,200 reinforced that weakness, with traders turning their attention toward the $2,100 region and the psychological $2,000 level underneath.

Ethereum price analysis points to $2,200 resistance

Technical indicators continue to favor sellers, although Ethereum’s proximity to previous lows has attracted attention from traders watching for a rebound.

The Relative Strength Index was reported near 32.94, approaching the conventional oversold threshold of 30. The Aroon Oscillator stood at -28.57, while the Balance of Power indicator registered -0.14, both pointing to continued selling pressure.

Ethereum price chart, source: crypto.news

Crypto analyst More Crypto Online said Ethereum had reached a downside target zone between $1,832 and $2,069 under the analyst’s wave-count framework.

The analyst identified a move above $2,255 or the upper boundary of the current price channel as an initial indication that a short-term bottom could be forming.

$ETH
That was an unusually weak wave 2, and wave 3 down could now be unfolding. The price has reached the blue target zone at $1,832 – $2,069. A first signal that a low is in would be a break above the upper boundary of the channel or the last swing high at $2,255.#Ethereum pic.twitter.com/pf3hH0y55X
— More Crypto Online (@Morecryptoonl) November 9, 2026

Ethereum’s immediate resistance remains around $2,200, followed by $2,400. A sustained move below $2,100 would put the $2,000 region back in focus, while the recent swing low near $2,081 remains another level monitored by traders.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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