Ethereum News Update: Ethereum's Downturn Reflects Coordinated Withdrawal from Both Crypto and Traditional Markets
- Ethereum dropped below $3,000 on November 17, mirroring Bitcoin's 3.21% slump to a six-month low amid synchronized crypto-traditional market selloff. - Crypto investment products recorded $2B in outflows, with Ethereum ETFs losing $689M as macroeconomic uncertainty and whale selling intensified pressure. - Technical indicators show ETH breaking below $3,200 and key trend lines, with $3,000 support level at risk if $3,280 resistance fails. - Ark Invest's $39.6M crypto-linked stock purchases contrasted mar
On November 17, Ethereum slipped beneath the $3,000 threshold, declining by 2.3% over the previous day as the broader cryptocurrency sector endured its most challenging session in several months. ETH dropped to $2,978, closely tracking Bitcoin’s 3.21% fall to a six-month low of $91,545, highlighting a synchronized downturn across digital currencies. The wave of selling
Technical analysis indicated a negative outlook for
The downturn extended beyond price movements. Crypto investment products saw $2 billion withdrawn last week, the largest outflow since February 2025, according to CoinShares. Ethereum ETFs alone experienced $689 million in redemptions, accounting for 4% of their managed assets. James Butterfill, head of research at CoinShares,
Institutional moves highlighted the market’s weakness. In contrast, Ark Invest took an opposing stance, investing $39.6 million in crypto-related stocks such as Bullish, Circle, and Bitmine as prices fell. These acquisitions occurred as shares of Circle and Bitmine dropped by nearly 9%,
Ethereum’s short-term prospects remain uncertain. The 200-day moving average at $2,550 has historically provided support, but ETH is currently confined within a narrowing descending wedge, which could lead to a sharp downward move.
The fragility of the market was further emphasized by a surge in put option volume, which surpassed call volume for the first time in several weeks. This trend suggests that traders are either hedging against further losses or speculating on additional declines, indicating a stronger risk-averse sentiment
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