“ETH plunged below $3,100 on Friday as the crypto selloff accelerated with bitcoin losing the $100,000 level.”, — write: www.coindesk.com
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Ether (ETH) price on Nov 14 (CoinDesk)
- ETH dropped 14% from Thursday’s $3,565 high to Friday’s session low of $3,060, erasing all of last week’s rebound.
- Over $1.4 billion in net outflows from US spot ether ETFs since late October added to downside pressure, while monthly active addresses and fees generated by network activity plunged. Long-term holder selling accelerated to its fastest pace since 2021, Glassnode noted.
- The Fed’s hawkish stance dented December rate cut hopes, triggering broader crypto weakness.
The second largest cryptocurrency tumbled from $3,565 earlier on Thursday to $3,060 by early Friday, erasing all of last week’s rebound. It recently stabilized just below $3,200, still down roughly 8% over the past 24 hours.
The move coincided with a broad-market selloff on US markets with stocks and bonds falling in tandem with cryptos. The US government shutdown, which has just ended, weighed on liquidity conditions. Also adding to the pressure is the increasing probability of the Federal Reserve leaving rates unchanged during the December meeting.
Since the Federal Reserve’s late October meeting, when chairman Jerome Powell threw cold water on near-universally expected December rate cuts, US-listed spot ether ETFs have seen $1.4 billion in net outflows, Farside Investors data shows. Thursday’s nearly $260 million outflow was the biggest single-day bleed in a month.
On top of that, long-term holders are also heading towards the exit door. Glassnode’s blockchain data showed that long-term holders spanning 3-10 years accelerated selling to approximately 45,000 ETH (around $140 million at current prices) daily on a 90-day moving average, the highest distribution pace since February 2021.
Ether long-term holder selling accelerated. (Glassnode)
Blockchain data also suggest deteriorating fundamentals. Monthly active addresses on the network have fallen to 8.2 million, down from over 9 million in September, while transaction fees over the past month collapsed by 42% to just $27 million, Token Terminal data shows.
Key technical levels to watchETH shattered a critical support level at $3,325, establishing a clear bearish trend with consecutive lower highs, CoinDesk Research’s technical analysis model suggested.
- Support/Resistance: Primary support sits at $3,080 with secondary floors at $3,050 and $2,880. Key resistance forms at $3,330 (former support), $3,500 (main pivot), and $3,650 (descending channel highs).
- Volume Analysis: Selling peaked at 641,103 during the $3,325 breakdown—71% above 24-hour norms. Subsequent volume dropped to 80% of 7-day averages, indicating potential exhaustion.
- Chart Patterns: ETH broke its April ascending channel, creating a bearish structure with lower highs. The $3,077-$3,146 consolidation range suggests possible base formation.
- Targets & Risk/Reward: Breaking $3,050 support exposes $2,880 downside, while reclaiming $3,563 is needed for bullish momentum. A decisive push above $3,500 targets $3,650-$3,800.
Disclaimer: Parts of this article were generated with the assistance of AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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BTC has tumbled nearly 9% this week, while ETH, SOL declined even further and XRP outperformed.
- Bitcoin was at session lows late in the US trading day Friday, sliding below $95,000.
- The market downturn attributed to “information vacuum” and diminishing expectations of Fed rate cut, analysts said.
- The breakdown puts the $84,000 level as the next downside target, Ledn’s CIO said.
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