Key Facts

  • Ethereum fell 5.2% on Sunday against Bitcoin's 1.5%, and the ETH/BTC ratio closed at 0.02844, its lowest since July 12, CoinMarketCap data show.

  • More than $500 million in ETH long positions were liquidated over 24 hours, and US spot Ethereum ETFs lost $365.2 million in the week to Nov. 6.

  • ETH/BTC closed above Bitfinex's 0.0298 confirmation line for one day on Nov. 4, and about 899,000 ETH is still waiting to enter staking.

Ethereum fell 5.2% on Sunday against Bitcoin's 1.5%, and the ETH/BTC ratio closed at 0.02844, its lowest since July 12, CoinMarketCap data show.

More than $500 million in ETH long positions were liquidated over 24 hours, and US spot Ethereum ETFs lost $365.2 million in the week to Nov. 6.

ETH/BTC closed above Bitfinex's 0.0298 confirmation line for one day on Nov. 4, and about 899,000 ETH is still waiting to enter staking.

Bitfinex set the bar in its Nov. 2 report.

How Far Did Ethereum Fall? Over Three Times Bitcoin's Drop

Ethereum slid late Sunday to its lowest price since Aug. 19 and closed below its 200-day moving average for the first time since August, CoinMarketCap data show.

Who Sold Ethereum? Leveraged Longs and Fund Investors

Most of the forced selling hit traders betting on higher prices, according to CoinGlass.

Traders also closed bets voluntarily. Open interest, the value of futures contracts still outstanding, fell about 5% over 24 hours as the price dropped.

Are Long-Term Holders Leaving? Stakers Are Still Lining Up

What Would Confirm a Turn? ETH/BTC Back Above 0.0298

ETH traded at $2,128 at 10:19 a.m. ET on Monday, with the ratio near 0.0284, CoinMarketCap data show.

A close back above 0.0298 would meet Bitfinex's test for a turn. On the way down, the ratio's July low near 0.0283 is the next marker.

Stakers are still adding ETH. For the ratio to clear Bitfinex's line, fund investors may need to join them.