Ethereum Slides to $2,059 as ETF Outflows and Macro Pressures Mount
Ethereum dropped to $2,059 on Thursday morning, its lowest level since Aug. 19, as sustained spot ETF outflows continued to weigh on the token. The move brings ETH close to a death cross, a technical pattern that often unnerves short-term traders.
ETF Selling Continues
US spot Ethereum ETFs have shed $551 million this month, with outflows recorded on every trading day except Nov. 4, when the funds added $53 million. This follows $1.6 billion in withdrawals in October. BlackRock’s ETHA, Fidelity’s FETH, and Invesco’s QETH accounted for much of the selling, according to reports. The funds still hold more than $11.6 billion in assets.
Fear and Regulation
The Crypto Fear and Greed Index has fallen to 26, entering fear territory, down from 81 in September. Ethereum and other coins tend to lag when sentiment is this weak. Last week’s midterm results added to the mood: Democrats won the Senate and House, and Senator Elizabeth Warren, a crypto critic, will lead the Senate Banking Committee. That may signal tighter oversight and dimmer prospects for bills like the CLARITY Act. The market may be pricing in that risk before any actual rules arrive.
Yields and a Research Note
Rising US bond yields are another headwind. The 10-year yield hit 5.02% and the five-year reached 4.85% after strong jobs and inflation data. Higher yields can pull money away from riskier assets, including crypto. Investors are also weighing a Culper Research report on Ethereum that raised concerns about address poisoning fraud, low staking yields, inflation, and changes following the Fusaka upgrade. It argued that lower transaction fees have reduced the base fee burn. That point is debatable, but it contributes to the current caution.
What to Watch
On the daily chart, ETH has fallen from about $2,800 in September to $2,057. It trades below the Supertrend indicator and near a death cross, where the 50-day and 200-day moving averages intersect. If selling continues, $1,880 is the next level to watch. A move above $2,200 would weaken the bearish case. For now, ETF flows and macro data appear more important than any single chart signal.
