Ethereum slipped below $2,100 on Monday as traders positioned ahead of the United States Consumer Price Index (CPI) report scheduled for release later in the day. Data from CoinMarketCap placed ETH near $2,093, down roughly 1.96% on the day, after touching an intraday low near $2,084. The asset now sits just above the psychological $2,000 floor, leaving the inflation print to decide whether bulls defend $2,100 or sellers press toward $2,000.

ETF Outflows Add Selling Pressure

ETH traded at $2,093.30 after sellers drove the price to a daily-chart low of $2,084. CoinMarketCap reported a narrower 24-hour decline of 0.963% to $2,090.82 at press time.

The drop stands out because Bitcoin and the wider crypto market were nearly flat over the same period. According to CoinMarketCap, that performance makes ETH an underperformer rather than a follower of Bitcoin.

Institutional flows deepened the downward pressure. Figures from Farside Investors show that US spot Ethereum ETFs recorded $184.6 million in net outflows on November 9, which desks that track crypto ETFs read as continued institutional withdrawals. US spot Ethereum ETFs began trading in July 2024, and their published daily net-flow tallies — the combined creations and redemptions across individual funds — have since become a standard gauge of institutional positioning in the asset.

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

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

What the Chart Shows Near $2,100

Since the October decline from the $2,700 region, Ethereum's daily chart has printed a sequence of 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 charting tool that maps support and resistance zones — a position that shows bearish momentum still dominates. The Tenkan-sen (conversion line) sits near $2,255, the Kijun-sen (baseline) near $2,293, and the cloud itself spans roughly $2,274 to $2,434. Ethereum would need to reclaim the $2,255–$2,293 region before a stronger recovery could develop.

Momentum readings reinforce that picture. The Relative Strength Index (RSI), which measures momentum on a scale of 0 to 100 where readings below 30 are considered oversold, stands at 31.46 — below its moving average of 36.16 — confirming weakening momentum. Because ETH 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, and rests on the $2.1K high-timeframe support. He called $2.1K the key level for bulls to hold, adding that above it he wants to see ETH retake the daily 200-day moving average, which is currently capping price as resistance.

How US CPI Data Could Shape ETH Next

The CPI tracks changes in the prices consumers pay for goods and services. Figures like these carry weight beyond crypto because they feed into expectations for Federal Reserve interest-rate policy, and shifts in those expectations shape the liquidity conditions that risk assets such as cryptocurrencies trade on. The October US CPI release is scheduled for today, November 10, and CoinMarketCap flags it as 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, and multiple Federal Reserve officials will speak throughout the week. He said lower-than-expected inflation could give crypto some relief, while higher inflation could bring more selling. He urged traders to manage risk and avoid high-leverage positions.

CoinMarketCap's outlook holds that if ETH defends the $2,082 area, it could recover toward $2,107–$2,123. Losing that support risks a move toward $2,000, and 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, while a move above $2,293 would strengthen the recovery case. How ETH trades those levels once the CPI figures land will set the next bias.