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Ethereum fell below $3,000 on Monday after U.S.-based spot ETFs recorded $224.7 million in net withdrawals, the largest daily outflow since November, extending a three-day streak of redemptions amid risk-off sentiment in crypto markets.
According to SoSoValue data, the nine U.S. based spot Ethereum ETFs recorded $224.7 million in net withdrawals on Dec. 15 marking the largest daily outflow since Nov. 21.
BlackRock’s IBIT accounted for the bulk of the losses shedding $139 million while Grayscale’s ETHE and ETH funds posted outflows of $35 million and $20 million respectively. No Ethereum ETF recorded inflows during the session underscoring the breadth of the ongoing Ethereum ETF outflow trend.
Monday’s withdrawals extended a three day streak of net redemptions during which these investment vehicles have lost nearly $286.5 million. On a monthly basis, the cumulative Ethereum ETF outflow picture remains negative with the nine funds down so far in December after posting $1.42 billion in net losses in November.
Against this backdrop, Ethereum dropped to an intraday low of $2,895 before rebounding modestly to around $2,929 at press time, down more than 6.3% over the past 24 hours. The $3,000 level had repeatedly acted as a strong support zone in recent weeks and its loss amid sustained Ethereum ETF outflow pressure raises the risk of deeper downside.
The sharp move lower also triggered a liquidation cascade as highly leveraged long positions were caught offside when ETH slipped below $3,000.
Liquidations occur when traders’ margin levels fall below maintenance requirements forcing positions to close and accelerating price declines often exacerbated during periods of heavy Ethereum ETF outflow.
According to CoinGlass, nearly $207 million worth of Ethereum long positions were liquidated in the futures market contributing to total crypto market liquidations of $658.8 million.
The sell off coincided with investors reducing exposure ahead of key U.S. jobs data which could influence the Federal Reserve’s policy path and by extension, sentiment around assets sensitive to liquidity conditions like ETH and products exposed to Ethereum ETF outflow dynamics.
Market caution has already increased after the Fed signaled only one potential rate cut in 2026 during its third rate cut this year trimming rates by 25 basis points.
Cryptocurrencies typically benefit from expectations of looser monetary policy, while uncertainty tends to amplify downside moves especially when paired with persistent Ethereum ETF outflow pressure.
From a technical perspective, Ethereum’s daily chart shows a large bearish flag formation. This pattern emerges after a steep decline the “flagpole” followed by a brief consolidation or mild upward drift on declining volume.
Historically, such setups often precede further downside particularly when macro headwinds and Ethereum ETF outflow trends align.
ETH has also confirmed a death cross since late November with the 50-day simple moving average crossing below the 200-day average. Together, these signals increase the probability that Ethereum could continue to weaken unless broader market conditions improve or the Ethereum ETF outflow narrative reverses.
If selling pressure persists, ETH could break below the flag’s lower boundary and slide toward $2,620, the November low where buyers previously stepped in to trigger a short term bounce.
On the upside, traders are watching $3,170 as a key resistance level which aligns with the 23.6% Fibonacci retracement. A decisive move above this zone could invalidate the bearish setup and ease concerns tied to ongoing Ethereum ETF outflow trends.
