ETH Slides Toward $2,700 With RSI Deeply Oversold — Rally to $3,200 or a Fresh Leg Down?

Ethereum declined 3.44% in the last 24 hours to trade at $2,749.04, extending a brutal 14.16% weekly loss that pushed its market cap to $331.79 billion. The RSI dropped below 30 into deeply oversold territory at 27.32, while trading volume surged 16% amid mounting selling pressure.

The broader market backdrop remains hostile. Over $2.2 billion in crypto positions liquidated in 24 hours, with close to $500M tied to ETH-linked trades.

The Crypto Fear & Greed Index plunged to 11, marking Extreme Fear levels not seen since March 2025.

ETH Faces High-Leverage Liquidations and Record ETF Outflows

High leverage ratios between 25x and 100x amplified forced selling across ETH perpetual markets.

The S&P 500 dropped approximately 1%, while Bitcoin fell 8% in the last 24 hours as risk assets sold off sharply. Derivatives open interest declined 20% month-over-month, with funding rates averaging +0.0042%.

Meanwhile, spot ETH ETFs recorded $233.88 million in outflows on November 21, BlackRock’s IBIT alone lost 43,237 BTC worth $119.77 million today, according to Lookonchain. Retail investors rotated $96 billion into equity ETFs during the same period, according to JPMorgan analysts.

The ETH/BTC ratio hit 0.0328, approaching April 2025 lows. Ethereum lacks Bitcoin’s digital gold narrative, making it more vulnerable during risk-off rotations.

BitMine Immersion, holding 3.55 million ETH, now stares at a $4B unrealized loss due to Ethereum exposure.

🔥 Digital Asset Treasury Model Under Fire: BitMine Faces $4B+ Unrealized Loss! 🔥

The world's largest corporate ETH holder, BitMine Immersion Technologies, is grappling with over $4 billion in unrealized losses on its Ethereum holdings. 📉 This massive drawdown is raising… pic.twitter.com/8fqxtlVsPR

— Meow Meow News (@MeowMeowMews) November 21, 2025

ETH Traders Identify Wyckoff Accumulation and Falling Channel Breakout

Despite overwhelming bearish momentum, select traders identified potential bottom formation patterns. One analyst noted Wyckoff accumulation in process, with ETH initially leading the bottoming attempt before Bitcoin confirmed with responsive buying and CVD slope reversal.

1H shows clear bottom formation

Wyckoff acumulation in process.
Initially $ETH led the bottoming process, $BTC is now confirming with aggressive responsive buying and CVD slope reversal.$BTC dumps hard → liquidates everyone → absorbs → ETH reversed → BTC follows

SMT pic.twitter.com/TiZn90x4Om

— StefanB (@Stefan_B_Trades) November 21, 2025

Another trader highlighted ETH’s breakout from a falling channel bottom with a strong bounce. First target sits at $2,930, with subsequent resistance at $3,060. Major resistance zone spans $3,230 to $3,300 for any larger upward move.

The MACD histogram reading of -29.28 shows accelerating bearish momentum. Ethereum broke below the 50% Fibonacci retracement at $3,520 and the 200-day exponential moving average at $3,489.

Next support lies at the 61.8% Fibonacci level of $3,348 and the July 2025 low of $2,790. A daily close below $2,790 could trigger further decline toward $2,500.

Ethereum’s Technical Indicators Signal Bearish Momentum Amid Oversold Conditions

The daily chart confirms a clear downtrend since August, with price action showing lower highs and lower lows. Ethereum peaked near $4,000 in July before entering distribution phase through October.

November brought a decisive breakdown below $3,000 support, which now acts as immediate resistance. Current price at $2,742 represents significant decline from recent highs.

The RSI at 27.32 signals extreme oversold conditions, historically preceding short-term relief rallies. However, the MACD remains deeply negative with both lines well below zero and the histogram at -216.93, indicating continued downward pressure.

Volume analysis shows increased participation during the decline, with red volume bars confirming selling pressure. The spike in volume suggests potential capitulation nearing.

Key resistance levels stand at $3,000, $3,200-$3,400, and $4,000. Critical support zones include $2,700 being tested currently, $2,500 from May consolidation, and $2,200-$2,300 from early accumulation phase.

The technical structure remains bearish with strong downward momentum intact. Price trades well below key moving averages with no bullish divergence yet visible on the RSI.

For reversal confirmation, traders should watch for stabilization at current levels, bullish divergence development, and reduction in MACD histogram negativity. Until clear reversal patterns emerge on higher timeframes, the path of least resistance points downward.