Falling harder than $BTC . Bottom line first: Wednesday’s move wasn’t a reversal—it was a one-day oversold bounce. Don’t buy unless it can reclaim $2,350.
📉 Drop: Current price around $2,232, down 8.1% in 24h, with an intraday low of $2,206. It gave back all its gains since the midterm elections in a single day; $BTC fell 5.9% over the same period, while $ETH underperformed by 2.2 percentage points.
💥 Liquidations: $182 million in $ETH liquidations over 24h, including $149.7 million in long positions—the longs were wiped out.
💰 ETF: Finally saw net inflows of $53 million on November 4 ($32.8 million for BlackRock + $19.2 million for Fidelity), ending a seven-day outflow streak. But October saw record outflows of $1.61 billion for the month, and BlackRock’s ETHA shed 580,000 tokens worth about $1.3 billion in one month. One day of inflows can’t fill a month-long hole.
Bulls and bears are divided on X:
Bulls: Whales are aggressively buying $ETH at the lows; $2,200 is an unfairly punished price.
Bears: Clear resistance at $2,318 on the 1-hour chart, with highs continuing to move lower. $2,220–2,230 is the key short-term support zone; if it breaks, watch $2,170.
My take: It briefly broke below the $2,220 support intraday, hitting $2,206, then recovered to around $2,230. Only a high-volume reclaim of $2,350 would suggest the decline is stabilizing; only a move above $2,392 would signal a trend change. If $2,206 breaks, watch $2,116. Don’t make a big directional bet ahead of tonight’s 20:30 nonfarm payrolls report. Until $BTC holds above $82,100, treat any $ETH rebound as an oversold bounce.
📉 Drop: Current price around $2,232, down 8.1% in 24h, with an intraday low of $2,206. It gave back all its gains since the midterm elections in a single day; $BTC fell 5.9% over the same period, while $ETH underperformed by 2.2 percentage points.
💥 Liquidations: $182 million in $ETH liquidations over 24h, including $149.7 million in long positions—the longs were wiped out.
💰 ETF: Finally saw net inflows of $53 million on November 4 ($32.8 million for BlackRock + $19.2 million for Fidelity), ending a seven-day outflow streak. But October saw record outflows of $1.61 billion for the month, and BlackRock’s ETHA shed 580,000 tokens worth about $1.3 billion in one month. One day of inflows can’t fill a month-long hole.
Bulls and bears are divided on X:
Bulls: Whales are aggressively buying $ETH at the lows; $2,200 is an unfairly punished price.
Bears: Clear resistance at $2,318 on the 1-hour chart, with highs continuing to move lower. $2,220–2,230 is the key short-term support zone; if it breaks, watch $2,170.
My take: It briefly broke below the $2,220 support intraday, hitting $2,206, then recovered to around $2,230. Only a high-volume reclaim of $2,350 would suggest the decline is stabilizing; only a move above $2,392 would signal a trend change. If $2,206 breaks, watch $2,116. Don’t make a big directional bet ahead of tonight’s 20:30 nonfarm payrolls report. Until $BTC holds above $82,100, treat any $ETH rebound as an oversold bounce.