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As of November 6, 2026, Ethereum ($ETH ) has faced severe short-term selling pressure, dropping roughly 8% over the last 24 hours to trade near $2,200 to $2,250. The decline mirrors a broader risk-off sell-off in U.S. technology equities and a wave of over $1 billion in crypto long liquidations.

Key Market Metrics
Current Price Zone: Oscillating around $2,225 - $2,250, struggling to sustain positive intraday momentum.Crucial Support: Established heavily at the $2,150 – $2,200 psychological horizontal block. Additionally, the long-term 200-day Simple Moving Average (SMA) near $1,158 serves as a structural macro baseline.Immediate Resistance: Positioned tightly between $2,310 and $2,350. A clean breakout and daily close above this level are necessary to shift the trend.Momentum Indicators: The daily Relative Strength Index (RSI) is hovering in a weak territory near 37, pointing to ongoing distribution, while the MACD histogram remains negative.

Short-Term Outlook
ETH remains locked inside a short-term descending channel, making lower highs and lower lows. Institutional sentiment shows caution following significant net outflows from spot Ethereum ETFs. Traders are closely monitoring the TradingView ETH/USD pairs to see if buyers absorb supply at the $2,200 floor. A breakout above the channel’s upper boundary is required before a wider market reversal can take shape.
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