Ethereum (ETH) Defends $2,200 Support After Liquidation Wave

A Liquidation Wave Breaks Against $2,200

Ethereum (ETH) price action has spent the last 24 hours circling one number: $2,200. The token traded around $2,235.39 on Nov 7, a 0.01% gain over the day, holding its ground while selling pressure built on several fronts at once. The heaviest came from derivatives. Market data shows more than $210 million in Ethereum (ETH) positions were liquidated over those 24 hours, and long positions made up $179 million of that total. When over-leveraged longs are forced out, their sell orders land on spot order books across major crypto exchanges that the equity selloff has already softened, which deepens intraday dips without necessarily breaking the floor beneath them. That floor has already been tested. Earlier on Nov 6, Ethereum slid 4.86% to $2,212.29, a move that carried the token in near lockstep with traditional risk assets: the correlation coefficient between ETH and the S&P 500 stood at 0.83 during that stretch. The equity leg of the decline was sharp. The Nasdaq Composite dropped 5.50% on Nov 5, and the pressure traced to policy rather than earnings, as investors weighed stricter supervision of AI data-center expansion and slower permitting after the US midterm elections. That combination pushed a high-beta asset such as Ethereum down with the tech complex instead of leaving it to trade on its own fundamentals. The liquidation total also matters for how the next move reads: it shows where the selling came from. A wave that wipes out leveraged longs clears the leverage that amplifies drops, leaving the market around $2,200 to trade on flows and positioning rather than forced selling. Ethereum (ETH) kept its place as the second-largest cryptocurrency by market capitalization throughout, and at the latest reading it changed hands near $2,241, essentially unchanged from where the session data left it. That is why the level, not the dip itself, is the story.

A 94-Score Floor and Ceiling

COINOTAG's own composite scoring frames the standoff in exact terms. The strongest support below the market sits at $2,207.50, scored 94 out of 100, where the lower Bollinger Band, the 0.618 Fibonacci level and the prior day's low converge. The strongest resistance overhead is $2,320.48, also at 94, built from the Bollinger middle band, the 200-day EMA and the 0.500 Fibonacci retracement. Positioning between the two lines is crowded but not distressed: the perpetual funding rate sits at 0.0048%, and the long/short account ratio stands at 3.85, with 79.4% of tracked accounts long. For the largest proof-of-stake network in the asset class, that skew makes the $2,207 floor, not forced unwinding, the trigger to watch: the full scored map lives on our Ethereum technical analysis page.

ETF Outflows and the Jobs Report

Institutional flows added the second layer of caution to the same $2,200 story. About $100 million left US spot ETF products tied to Ethereum (ETH) on Nov 5, ending the net inflow recorded the day before. The spot ETF channel is how traditional institutions take Ethereum exposure without trading on an exchange, so a swing from inflow to outflow is read as short-term institutional wariness rather than a structural exit. The pattern is consistent with the slide our desk charted when Ethereum was rejected near $2,500 and slipped below $2,300, a move laid out in Ethereum (ETH) Slips Below $2.3K After Rejection at $2.5K Supply Zone. Macro timing sharpened the picture as well. The October US jobs report, scheduled for release on Nov 6, had been flagged ahead of publication as the decisive short-term variable: a strong print would harden expectations of a hawkish Federal Reserve (Fed) and add weight to risk assets, while a soft one would ease the pressure. With the correlation coefficient to the S&P 500 at 0.83, Ethereum traded inside the broader altcoin market and the equity selloff rather than on any idiosyncratic news of its own, and the wider asset setup is tracked on COINOTAG's Ethereum topic hub. On the chart, the roadmap from the last session is explicit. Defending $2,200 keeps a rebound toward the first Fibonacci retracement zone at $2,369 in play. Momentum adds weight to that case: the relative strength index fell to 31.11 during the dip, deep in oversold territory and cited as a rebound argument. Reclaiming $2,350 is the stated condition for a short-term trend turn back up. If $2,200 gives way instead, the next downside target is $2,100, about 6% below the latest price. As the tape stands, $2,200 remains the level that decides direction: defended, it keeps the rebound scenario alive; lost, it hands the market to $2,100. The next 24 to 48 hours will settle it.