Ethereum Dips Below $2,100 Ahead of US CPI Data

Ethereum dips below $2,100 on Monday as traders wait for today's US CPI report. CoinMarketCap shows ETH near $2,093, down about 1.96% on the day, with an intraday low near $2,084. The tape sits just above the $2,000 psychological floor, so the inflation print can decide whether bulls hold $2,100 or sellers press toward $2,000.

Why Ethereum Dips Below $2,100 as ETFs Bleed

ETH traded at $2,093.30 after sellers pushed it to that $2,084 low on the daily chart. CoinMarketCap reports a smaller 24-hour drop of 0.963% to $2,090.82 at press time.

The move stands out because Bitcoin and the wider market were nearly flat. CoinMarketCap says that makes ETH an underperformer rather than a follower of Bitcoin.

Spot ETH ETF outflows added more selling pressure. According to Farside Investors, US spot Ethereum ETFs recorded $184.6 million in net outflows on November 9. Desks that track crypto ETFs read that as continued institutional withdrawals.

BlackRock's ETHA saw the heaviest selling, with $119.3 million leaving the fund. Grayscale's ETH product was next, losing $25 million. ETHB and FETH also posted withdrawals of $20.8 million and $19.1 million. Only MSSE bucked the trend, drawing $1.6 million in inflows. That inflow did little to offset the broader exits.

CoinMarketCap adds that a weak weekly trend and subdued trading volume point to limited demand.

What the ETH Chart Shows Near $2,100

On the daily chart, since the October decline from the $2,700 region, ETH has printed lower highs and lower lows. Each bounce has stopped short of the previous peak, and each dip has gone deeper.

Price also trades well below the Ichimoku Cloud, a chart tool that maps support and resistance zones. That position shows bearish momentum still dominates.

The Tenkan-sen (conversion line) sits near $2,255, and the Kijun-sen (baseline) is near $2,293. The cloud itself runs from about $2,274 to $2,434. Ethereum would need to reclaim the $2,255-$2,293 region before a stronger recovery could develop.

The Relative Strength Index (RSI) measures momentum on a scale of 0 to 100. A reading below 30 is considered oversold. ETH's RSI stands at 31.46, below its moving average of 36.16, which confirms weakening momentum. Because it has not entered oversold territory, further downside remains possible.

Analyst Daan Crypto Trades said ETH has given back much of its gains since August. The price now sits at the 0.786 Fibonacci retracement level, which marks how much of a prior rally has been erased. It also sits on the $2.1K high-timeframe support. He called $2.1K the key level for bulls to hold. Above it, he wants to see ETH retake the daily 200-day moving average, which is capping price as resistance.

How US CPI Data Could Shape ETH Next

The Consumer Price Index (CPI) tracks changes in what consumers pay for goods and services. The October US CPI release is scheduled for today, November 10. CoinMarketCap calls it a near-term volatility trigger.

Analyst Ash Crypto said more volatility could follow last week's sharp sell-off. CPI and Core CPI data arrive today, with PPI and Core PPI data due Friday. Multiple Fed officials will also speak throughout the week.

He said lower-than-expected inflation could give crypto some relief. Higher inflation could bring more selling. He urged traders to manage risk and avoid high-leverage positions.

CoinMarketCap says that if ETH holds the $2,082 area, it could recover toward $2,107-$2,123. Losing that support risks a move toward $2,000. A sustained break below $2,084 would open that path more clearly.

On the upside, a rebound above $2,255 would offer the first sign of improving momentum. A move above $2,293 would strengthen the recovery case. How ETH trades those levels after the CPI figures land will set the next bias.