What's behind Ethereum's latest 5.4% price pullback?

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Ethereum slides 5.36% today on outflows

Highlights

U.S. spot Ethereum ETFs reported significant net outflows, totaling approximately $365.2 million between November 2 and 6, 2026.
Large investors including BitMine added to ETH holdings with over $21.55 million in purchases, and the Ethereum Foundation faces a lawsuit related to internal practices.
ETH/USD trades below key moving averages, momentum and oscillator signals confirm strong selling control, with price expected to range between $1,834 and $2,224 in the next five days and downward risk above 80%.

Large ETH buys and legal tensions emerge amid heavy ETF redemptions

Significant net outflows from U.S. spot Ethereum ETFs were reported, with $184.51 million withdrawn on November 9 and a total of approximately $365.2 million between November 2 and 6, 2026. Large investors and entities such as BitMine acquired substantial amounts of ETH, including a $21.55 million purchase via DeFi loan and an increase of 9,587 ETH to BitMine's holdings. Vitalik Buterin highlighted a shift in focus toward Ethereum as a store of value, and the Ethereum Foundation is involved in a lawsuit related to internal practices, though price action has remained under broader selling pressure.

Anton Kharitonov, expert at Traders Union, sees Ethereum facing sustained technical and fundamental headwinds. ETF outflows and price trading below all major moving averages confirm dominant selling pressure. Negative momentum across indicators signals entrenched bearish sentiment. Legal challenges involving the Ethereum Foundation further weaken confidence. "Without a clear reversal above $2,060 and the elimination of persistent outflows, I see little reason for optimism in the short term."

Viktoras Karapetjanc, expert at Traders Union, focuses on the strong institutional interest visible despite large ETF outflows. He notes accumulation by players like BitMine and positive commentary from key figures as signs of underlying resilience. The analyst emphasizes Ethereum's evolving position as a store of value and sees current volatility as a phase for strategic entry. "In my view, opportunities abound for forward-looking investors as the bullish structure for ETH remains intact despite short-term headwinds."

Parshwa Turakhiya, analyst, highlights persistent intraday volatility and dominant negative momentum. He observes that ETH remains locked between key support at $2,028 and resistance at $2,060, constrained by oversold technical readings. Turakhiya sees limited upside unless a clear breakout occurs, but notes that fast reversals are possible given elevated volatility. "Short-term traders should watch for price whipsaws within the $1,834 to $2,224 range and be ready to act if momentum snaps in either direction."

Downside momentum confirmed as ETH lingers below key support levels

ETH/USD is trading below the 20-day, 50-day, and 200-day moving averages, reflecting ongoing pressure from sellers across all timeframes. Immediate resistance is set at $2,060 with support at $2,028, and all major trend-confirming resistances are positioned significantly higher. Momentum indicators are negative: both MACD and Average Directional Index (ADX) show that sellers are in control. The Relative Strength Index (RSI) is neutral, while both Stochastic RSI and Commodity Channel Index (CCI) are positioned in their oversold zones. Bull/Bear Power (BBP) is negative, confirming dominant intraday selling. The Awesome Oscillator also signals a bearish setup, with ETH/USD currently near the session low after a downside gap. Intraday volatility is high at 5.35%, demonstrating clear pressure after the open, with multiple indicators confirming active selling.

Previously it was reported that the Ethereum Foundation is facing a federal lawsuit from a former employee alleging disability discrimination and wrongful termination over recent organizational policies. The latest market action adds a fresh layer of risk, signaling that traders should closely monitor the $2,028 support level, as a sustained breach could accelerate ETH's downside trajectory.

Source of Data: ETH Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

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