Ethereum Falls Below $2,300 After 8.5% Slide — the Levels That Decide What Happens Next

Ethereum is trading near $2,217 on Friday, November 6, 2026, down about 8.5% in 24 hours and below $2,300 for the first time in the current slide. The sell-off that hammered Wall Street on November 5 carried straight into crypto overnight, and the next move now hangs on a handful of price levels every trader is watching.

What happened overnight

Ethereum fell 8.5% to around $2,217, giving back the $2,400 level it had reclaimed only a day earlier. Bitcoin fell about 6.2% to near $75,500, slipping below its 100-day moving average near $76,950, while Solana dropped 6.7%. The trigger was the Nasdaq's 5.5% plunge on fears that new rules could slow AI data-centre spending — a risk-off wave that hit Asia hard while the US slept, with the Nikkei entering a bear market and the KOSPI halted after an 8.5% crash.

The damage in crypto was fast and broad. About $1.08 billion of crypto positions were liquidated in 24 hours, nearly all of them longs. Bitcoin's market capitalisation shrank to roughly $1.52 trillion, and Bitcoin now sits about 40% below its all-time high of $126,080.

The fear gauge agrees: the Crypto Fear & Greed Index reads 28, firmly in fear territory.

The levels that matter

• Resistance 1 — $2,300. The round number Ethereum just lost. Reclaiming it is the first step to repairing the damage.
• Resistance 2 — $2,400. The level Ethereum reclaimed on November 5, before the rout erased the gain. A daily close back above it would undo the breakdown.
• Support 1 — $2,200. The nearby support area Ethereum is testing now, with every short-term average sitting overhead.

Ethereum is trading just above that $2,200 support. Holding it keeps the current range intact; losing it would open the door to a deeper slide.

The events that could move it today

Two catalysts land on Friday. First, 34,740 BTC in Deribit options expire at 08:00 UTC, with a max pain level of $79,000 — expiry days often bring sharp moves across crypto as positions unwind. Second, the US October jobs report arrives at 8:30 AM ET, with consensus expecting 59,000–65,000 new jobs and unemployment at 4.2%. A weak report would raise hopes of faster Federal Reserve rate cuts and could lift risk assets; a strong one would do the opposite.

Polymarket's median for Bitcoin on November 7 sits near $75,629, almost exactly where the market is now — traders, in other words, expect more of the same.

What traders are watching

• A daily close above $2,300 would be the first sign the breakdown is healing.
• A loss of $2,200 would open the door to a deeper slide.
• The jobs report at 8:30 AM ET is the biggest single event of the day — it sets the tone for the Fed and for risk appetite into the weekend.
• Liquidation data: after $1.08 billion of longs were flushed, leverage is cleaner — but another leg down would find fewer forced sellers and more genuine ones.

Ethereum has now given back its $2,400 reclaim in a single session, and the market is split between buyers who see a sharp discount and sellers who see a broken uptrend. The levels above are where that argument gets settled. Our earlier report on Bitcoin's slide below $76,000 has the full story of how the week unfolded, and the latest market moves are covered daily on the Zimbuck News page. Discuss this in the Zimbuck Market News group.

FAQ

What is Ethereum's key support level right now? $2,200 is the first support, the area Ethereum is testing after losing $2,300.

What is the key resistance for Ethereum? $2,300, the level just lost. Above it sits $2,400, the level Ethereum reclaimed on November 5.

Why did Ethereum fall 8.5% on November 6? A broad risk-off sell-off: the Nasdaq fell 5.5% on fears new rules could slow AI data-centre spending, Asia fell 6–8% overnight, and nearly $1.08 billion in crypto longs were liquidated.

What is the Fear & Greed Index telling us? It reads 28 — firmly in fear territory.

What could change the picture today? The US jobs report at 8:30 AM ET and the Deribit options expiry at 08:00 UTC (max pain $79,000).

This is market news and general information only, not financial advice. Join the conversation on Zimbuck — the finance social platform for traders and investors: https://zimbuck.com