Ethereum slipped below the $2,200 mark on Monday as selling pressure from U.S. spot Ether ETF outflows and a wave of leveraged liquidations kept sellers in control of the tape. Data from CoinMarketCap shows ETH down 5.05% over the past 24 hours, changing hands at $2,122.63. The next major psychological floor sits at $2,000, with $2,100 viewed as the near-term line to hold ahead of Tuesday's U.S. Consumer Price Index (CPI) report, a data point that shapes expectations for Federal Reserve rate policy and draws close attention from risk-asset traders.

Technical Picture Points Lower

ETH is trading below its 50-day, 100-day, and 200-day exponential moving averages (EMAs), which cluster at roughly $2,372, $2,337, and $2,311 respectively. Price has also fallen under a rising support trendline that broke near $2,432, a stack of signals that points to a weak near-term setup.

Initial resistance now sits at the 200-day EMA near $2,311, followed by the 100-day EMA at $2,337 and the 50-day EMA at $2,372. Horizontal resistance at $2,400 and the former trendline break zone around $2,432 could cap any stronger rebound attempt.

Momentum remains soft, with the Relative Strength Index (RSI) near 35 and the MACD still negative. Chart support comes in next near $2,000, with a prior horizontal base around $1,823 if that shelf fails.

ETF Outflows and Liquidations Deepened the Sell-Off

U.S. spot Ether ETFs recorded $365.2 million in net withdrawals over the past week, according to Farside Investors. The funds, which began trading in July 2024, hold Ether directly and give traditional investors exposure to the asset through standard brokerage accounts. Those redemptions introduce additional ETH supply into an already weak market and help explain why Ether lagged the broader market move. Desks that track crypto ETFs treat the weekly outflow streak as fresh institutional selling pressure.

Leveraged trading accelerated the decline. Falling prices triggered roughly $462 million in long liquidations over the past 24 hours, and each forced close becomes another market sell order, pushing price lower and feeding the cascade. Because crypto derivatives trade continuously around the clock, these cascades can play out second by second rather than over a full session.

Analyst Dom described a 7.7% flash crash in ETH over 12 minutes. At 21:45 UTC, selling hit Binance perpetual futures, including an $11.7 million order executed in a single second. Six minutes later, sellers hit the order book with $143 million in two seconds and pushed ETH below $2,200.

Which Levels Decide the Next Move

Dom reported that $28.3 million in bids between $2,120 and $2,130 vanished from the order book in seven seconds at 21:55 UTC while ETH still traded above that range. Sixteen seconds later, price reached the now-empty zone. At $2,080, sellers absorbed $12.2 million in bids within 60 milliseconds. ETH bottomed at $2,050.32 before snapping back above $2,130 ten seconds later.

Analyst Aiden flags a potential support zone between $1,950 and $1,870 if ETH closes the week below $2,200. Reclaiming $2,200 would be the first step toward recovery, while a move above $2,369 would be a stronger signal that sellers are losing their grip.

For the immediate session, CoinMarketCap marks $2,100 as the level ETH needs to hold in order to consolidate and make another attempt at $2,200. A break below that shelf opens a cleaner path toward $2,000. Tuesday's CPI print adds macro risk to the setup, and until buyers can reclaim $2,200 with conviction, the bearish map toward $2,000 remains in play.