Ethereum fell below $2,100 on Monday, November 9, 2026, losing considerably more than the rest of the market. Ether traded at around $2,119, or €1,893, at midday, down 5.3 percent over 24 hou
Ethereum fell below $2,100 on Monday, November 9, 2026, losing considerably more than the rest of the market. Ether traded at around $2,119, or €1,893, at midday, down 5.3 percent over 24 hours according to CoinGecko. Bitcoin gave up only 1.9 percent over the same period and stood at around $74,470. One ether therefore buys just 0.0283 bitcoin, the lowest since mid-July.
Two forces amplified the decline: leveraged long positions that were forcibly closed, and money that has been leaving the US spot ether ETFs for a week. If you hold ether or are considering buying, you will find the figures, the price levels and the points that now matter for buying, leverage and tax below.
The range over the past 24 hours ran from $2,242.93 down to $2,084.89, according to CoinGecko. In euros, the daily low was €1,862. Over seven days the loss adds up to 7.2 percent, over 30 days to 15.0 percent and over one year to 38.0 percent. Ether now sits 57 percent below its record high of $4,946 on August 24, 2025.
Sentiment across the market is subdued but not panicked. The Fear and Greed Index from alternative.me stands at 29 points, in the "fear" zone; the day before it was 28. A reading below 25 counts as extreme fear. The gap shows that the pressure is concentrated on ether rather than on the crypto market as a whole.
According to a Monday morning report by crypto.news, ether briefly dipped below $2,100 on Sunday evening, recovered slightly and then slipped again on Monday. The outlet names three drivers: forced closures in the futures market, continued outflows from the ether ETFs and a weak lead from US technology stocks on the Nasdaq.
The ETH/BTC ratio shows how many bitcoin one ether buys. It is the simplest gauge of whether ether is doing better or worse than the largest cryptocurrency. When it rises, ether is catching up; when it falls, ether loses value in relative terms, even if both prices rise in dollars.
On November 9 the ratio stands at 0.0283. The last lower daily close came on July 14, 2026, at 0.0273. The high of the year on January 20, 2026, was 0.0361; since then ether has lost 21.5 percent against bitcoin. Thirty days ago, on October 11, the ratio stood at 0.0302, and a year ago at 0.0346. In the past week alone it fell 3.5 percent. The low of the year on June 7, 2026, at 0.0248, is still 14 percent lower.
The figures are based on CoinGecko's daily closing prices of ether in bitcoin over the past 365 days, 366 daily values in total. cryptoticker.io compiled this analysis itself on November 9, 2026.
For investors the number matters for a practical reason. If you hold both coins in a portfolio, the ETH/BTC ratio shows whether the weighting is shifting on its own. With the ratio down by a fifth since January, the ether share of a portfolio that started out equally weighted has shrunk markedly without anyone selling.
On Sunday evening we reported that Ethereum had fallen below €2,000 and asked whether the $2,000 mark would hold. Since then the euro price has slipped further to around €1,893. The $2,000 level, by contrast, has held so far: at $2,085, the daily low was about $85 above it.
What is new above all is the comparison with bitcoin. On Sunday the whole market fell; on Monday ether alone is falling much harder. The 5.3 percent loss is almost three times bitcoin's. On top of that, the forced closure of a single large position visibly accelerated the sell-off over the weekend.
Forced closures act like a fracture: once the collateral is used up, the exchange closes the position immediately.
A liquidation is the forced closure of a leveraged position by the exchange. It kicks in when the collateral posted, the margin, no longer covers the accumulated losses. The exchange then sells at the market price, and that sale pushes the price down further. The result is a chain of liquidations that feeds on itself.
According to CoinGlass data cited by crypto.news, more than $462 million of ether positions were liquidated in 24 hours. Around $425 million of that, roughly 92 percent, came from long positions betting on rising prices. Short positions accounted for only $37 million.
One single case stood out. The analytics service Lookonchain reported, according to the same article, that a long position of 56,667 ether, worth around $118.4 million, was fully liquidated. The trader's loss is said to total $44.78 million. The same trader had already cut the position in October from 93,184 ether by 36,517 ether.
A spot ether ETF is an exchange-traded fund that holds actual ether and whose shares trade on US exchanges like stocks. Daily inflows and outflows are seen as a gauge of whether institutional investors are buying or selling.
Data from Farside Investors show net outflows of around $365.2 million from the US spot ether ETFs in the week from November 2 to 6, 2026. Day by day: Monday minus $139.7 million, Tuesday minus $85.3 million, Wednesday plus $53.0 million, Thursday minus $99.9 million and Friday minus $93.3 million. On Friday, $90.8 million came from BlackRock's ETHA fund alone.
Only one day of the week brought inflows. Andreja Cobeljic, head of derivatives trading at AMINA Bank, describes ETF demand, according to crypto.news, as an important measure of buying interest among institutional investors; activity in the futures market, by contrast, does not automatically mean that someone is investing on rising prices.
Investors in Germany who want to invest through a fund rather than the coins themselves usually cannot access the US ETFs. What is available there are mainly ETPs and ETNs on ether that trade on German exchanges. Our overview of crypto ETFs in Germany shows which products exist and how they differ.
Fund outflows empty the warehouse: when investors redeem ETF shares, the fund reduces its holdings of ether.
The mechanism is simple. When investors redeem shares in a physically backed ether ETF, the fund needs less ether in its holdings. With cash redemptions the surplus ether is sold on the market; with in-kind redemptions it goes to a trading firm, which as a rule sells it on as well. Either way, supply reaches the market without any new demand from funds to meet it at that moment.
That explains why ETF outflows and liquidations can reinforce each other. If the price falls because of fund sales, leveraged long positions move closer to their liquidation price. If they are forcibly closed, the price falls further. No single trigger is needed for this.
According to the technical analysis by crypto.news, the first support lies at around $2,100, followed by the swing low at $2,081 and the round $2,000 mark. The outlet names $2,200 and $2,400 as resistance. The relative strength index (RSI), a measure of whether a market is overbought or oversold, stood at 32.9, just above the threshold of 30 at which a market is considered oversold.
The analyst More Crypto Online, who works with Elliott waves, sees ether in a target zone between $1,832 and $2,069, according to the report. He writes that an unusually weak second wave could turn into a third wave down. Only a rise above $2,255 would, in his view, be a first sign that a bottom is forming.
The two readings stand side by side. The bearish one: below $2,081 there is no meaningful support until $2,000, and the analyst's target zone extends to $1,832. The bullish one: the RSI is approaching oversold territory, and after $425 million in long liquidations a large part of the leverage has already left the market. A return above $2,200 would make Monday look more like a flush-out of leverage.
If you trade ether with leverage, you put up only part of the position's value as collateral. At ten times leverage, a price drop of just under ten percent is enough in theory to wipe out the margin; fees and funding costs move the liquidation price a little closer to the entry. A daily loss of 5.3 percent is therefore already enough to close highly leveraged positions.
Three adjustments reduce the risk: lower leverage, isolated rather than cross margin so that the whole account is not on the hook, and a stop-loss above the liquidation price. A stop-loss is a sell order that triggers automatically when a set price is reached. In fast markets it can be filled at a worse price than planned. If you use leveraged products, you should know the platform's terms; our perp DEX comparison sets out fees, leverage limits and margin models. Leveraged products can lead to the total loss of the capital invested.
If you want to buy ether without leverage after the drop, look first at the provider's licence. Since the transition periods ended, crypto exchanges serving customers in Germany need a licence under the EU's MiCA regulation. Whether a provider holds one is shown in the public register of the European Securities and Markets Authority, ESMA. Our overview of the best crypto exchanges compares the fees and licences of the major platforms.
For tax purposes in Germany, ether held as a private asset is subject to the one-year holding period under Section 23 of the Income Tax Act (EStG). If you hold for longer than a year, you sell tax-free. Within that period, gains are taxable as soon as all private disposal gains in a year reach the exemption limit of €1,000. Losses from sales within the period can be offset against such gains. If you bought at much higher prices in autumn 2025 and sell now, you realise a loss that may be usable for tax purposes; this is no substitute for tax advice. According to the tax authorities, staking does not extend the holding period.
On custody, the basic rule still applies: coins held on an exchange are held in custody by the exchange. If you hold larger amounts for the long term, you can transfer them to your own wallet and keep control of the private keys. With a hardware wallet, those keys sit on a device without a permanent internet connection.
(As of November 9, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)
