Ethereum Price Falls 7.9 Percent to $2,237 After Seven Days of ETF Outflows

Ethereum lost 7.9 percent in 24 hours and traded at $2,236.81 according to CoinGecko shortly before 1 a.m. German time on Friday. Bitcoin gave up 5.7 percent over the same period. The trigger was a sell-off in chip and AI stocks on Wall Street, which forced leveraged long positions in the crypto market to close one after another. Ether has thus dropped to its lowest daily level since mid-August.

What is documented: the price slide, the slump on the Nasdaq, the liquidations and the outflows from US spot Ether ETFs, each with a source below. Our own assessment follows further down in a separate paragraph and is marked as such.

Ethereum price falls to $2,237: lowest daily level since August

According to CoinGecko data, the 24-hour high was $2,433.96 and the low $2,221.92. The gap between the two is a little over $210, almost nine percent of swing in a single trading day. Over seven days Ether is down only 1.9 percent, because the price had initially risen sharply on Wednesday.

In CoinGecko's daily data, Ether last traded lower than now on August 19, at around $1,916. The 30-day high was about $2,697. Measured from that high, Ether has lost around 17 percent.

Market capitalisation is a useful reference: it is the value of all circulating Ether at the current price and stood at around $273 billion. Trading volume over the past 24 hours reached just over $17 billion, a figure that points to forced selling and hectic trading.

Chip sell-off on the Nasdaq: semiconductor index SOX loses 12 percent

The pressure came from outside. According to the Yahoo Finance live blog, the Nasdaq closed 5.52 percent lower on Thursday, the S&P 500 lost 4.36 percent and the Dow Jones 3.44 percent. The Philadelphia Stock Exchange semiconductor index, SOX for short, slumped 12 percent. Nvidia closed more than 10 percent down, and AMD fell 15 percent during the session.

Yahoo Finance describes a day on which AI and chip stocks erased the gains of Wednesday's post-election rally. In such phases cryptocurrencies track technology stocks closely: many funds and traders hold both and sell whatever can be turned into cash quickly. A crypto market that is open around the clock is often the first to react.

Bitcoin briefly fell below $76,000, according to the same live blog. Ether followed, but with a larger swing. If you want to use the pullback to buy, you will find licensed providers and their fees in our comparison of the best crypto exchanges.

Liquidations: $164 million in Ether positions closed

A liquidation is the automatic closing of a leveraged position by the exchange as soon as the posted collateral no longer covers the loss. When the price falls quickly, the first liquidations trigger further selling, and the next positions slip below their threshold.

According to CoinGlass data analysed by ETHNews on November 5, positions worth $1.03 billion were liquidated within 24 hours. Of that, $924.94 million came from long positions, that is bets on rising prices, which amounts to 89.4 percent. 199,365 traders were affected.

Ether accounted for $163.83 million and Bitcoin for $255.88 million. The largest single liquidation, according to the same analysis, was a $10.94 million ETH position in the ETHUSDT pair on Binance. Relative to market capitalisation, Ether's share of the liquidations is high: by market cap Ether is just under a fifth the size of Bitcoin, yet it accounted for almost two thirds of Bitcoin's liquidation total.

Spot Ether ETFs: seven consecutive days of outflows

Even before Thursday, Ether lacked demand from the big funds. A spot ETF is an exchange-traded fund that holds the cryptocurrency itself instead of merely betting on its price. According to a report on KuCoin based on SoSoValue data, net outflows from US spot Ether ETFs reached $85.35 million on November 3. It was the seventh straight trading day of outflows.

Most of it came from BlackRock's ETHA with $74.44 million, plus $10.91 million from Grayscale's Ethereum Mini Trust. Assets under management across all US spot Ether ETFs stood at $13.321 billion according to the same report, with net inflows since launch of $12.063 billion. Complete figures for November 4 and 5 were not yet available at the time of writing.

ETF outflows feed directly into the price: when an investor redeems fund shares, the issuer usually sells the corresponding amount of Ether. Without that demand, a shock such as the chip sell-off hits a market with no large buyer behind it. If you prefer to hold Ether through a security, our overview on buying crypto ETFs and ETNs in Germany explains the options.

A figure from our own coverage completes the picture: as cryptoticker.io calculated on November 4, the average entry price of ETF buyers was around $3,200. Many fund investors are therefore well underwater, which makes redemptions more likely if losses continue.

Why Ether is falling harder than Bitcoin

Ether lost 7.9 percent, Bitcoin 5.7 percent. This gap is typical of sell-offs: the smaller and more leveraged a market, the harder it falls. Two further factors apply to Ether. ETF demand was already weak, and after Wednesday's jump the futures market was positioned for further gains, as the share of almost 90 percent long positions in the liquidations shows.

The relationship between the two coins is captured by the ETH/BTC ratio, the price of one Ether in Bitcoin. It last stood at around 0.0294. When it falls in a weak market, altcoins lose more than Bitcoin, which on Thursday was also visible in Solana, Cardano and Uniswap.

From $2,434 to $2,237: the midterms jump has been wiped out

On Wednesday, Ether had climbed strongly after the low of the US election night and risen above $2,400; the details are in our article on Ether's jump after the US midterms from November 4. The 24-hour high of $2,433.96 marks exactly that peak. Since then Ether has given back the entire gain and trades below its pre-election level.

Two things have changed since Wednesday. First, the trigger has shifted from the crypto market to the stock market: chip stocks now set the direction. Second, part of the leverage has been flushed out of the market. After such a liquidation wave, the risk of a second wave of the same size falls, as long as no new leveraged positions build up.

Ether chart levels: 200-day moving average at around $2,160

The 200-day moving average is the average of the closing prices of the past 200 days and is regarded as a gauge of the long-term trend. According to CoinGecko daily data it sits at around $2,160, a little over three percent below the current price. The 50-day moving average is at about $2,510, well above the price.

How far Ether can still fall cannot be predicted, but the levels show where buyers were last active:

• $2,222: Thursday's daily low. If it holds, the market has absorbed the shock for now.
• Around $2,160: the 200-day moving average. A close below it would be the first since late summer and would cloud the long-term trend.
• Around $1,916: the daily level of August 19, the last lower value in CoinGecko's data.

On the upside, the first hurdle is $2,434, Wednesday's high. Only above it would Thursday's slide be recovered. The 50-day moving average at around $2,510 comes next.

Our assessment: the slide has a clear trigger outside the crypto market, which points more to a move that will turn with chip stocks than to a break specific to Ether. In favour of that view are the $1.03 billion in liquidations, which removed a lot of leverage from the market, and the distance to the 200-day moving average. Against it are seven consecutive days of ETF outflows: without fund buying, the buyer that carried the price in earlier recoveries is missing. Many traders expect any recovery to be harder than the decline as long as the outflows continue.

Holding period and losses: the tax position after the slide

For investors in Germany, the holding period under Section 23 of the Income Tax Act is what counts when selling. If you hold Ether for more than a year, you sell tax-free. Within a year, gains are taxable if total private disposal gains for the year reach 1,000 euros or more.

A price slide has a second side. If you sell at a loss within the holding period, that loss can be offset against gains from other private disposals in the same year or carried forward to later years. An emergency sale shortly before the period ends, on the other hand, can cost a later tax-free gain. According to the tax authorities, staking does not extend the holding period.

If you trade on several exchanges, days like this make it easy to lose track of purchase prices and deadlines. A crypto tax tool matches purchases using the FIFO method, the rule that the coins bought first are treated as sold first, and shows for each position when the period ends.

Leverage, MiCA exchanges and custody in a falling market

Thursday shows how quickly leveraged positions disappear. If you trade with leverage, you should know your liquidation threshold and post enough collateral. A stop-loss, an automatic sell order at a set price, limits the loss but can be filled well below the level in fast markets. Providers of derivatives with different leverage and fee models are listed in our perp DEX comparison.

For buying without leverage, the EU's MiCA regulation applies in Germany. Since the end of 2024 it has governed which providers may offer crypto assets in the EU; licensed providers are listed in the public register of the European Securities and Markets Authority, ESMA. Which platforms are listed there and what they cost is shown in our comparison of the best crypto exchanges.

If you want to hold Ether for longer, do not keep it on the exchange permanently. A hardware wallet keeps the keys offline and protects against a provider failure, a risk that becomes visible precisely on hectic trading days.

Ethereum below $2,300: the 200-day line is the next test

1. Check how you buy: If you want to add to your position, choose a provider with a MiCA licence and compare fees and spreads in our exchange comparison. Buying in instalments spreads the risk of further declines.
2. Record the holding period: Note the purchase date of every position before you sell. A tax tool shows which Ether is already tax-free and which losses you can offset.
3. Limit leverage: If your liquidation threshold is close to $2,160, add collateral or reduce the position. Providers and models are in our perp DEX comparison.

(As of November 6, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)