Ethereum price falls below $3,000 as long liquidations and ETF outflows bite

ETH fell below $3,000 on Dec. 16 as U.S. spot Ethereum ETFs recorded a third consecutive day of net outflows. Redemptions totaled $224.7 million on Monday, Dec. 15, the largest single-day withdrawal since Nov. 21, according to SoSoValue.

The decline took ETH to an intraday low near $2,895 before stabilizing around $2,948 in recent trading, down more than 6% over 24 hours.

Flows data showed all nine U.S. spot Ethereum ETFs posted net outflows on Monday and none saw inflows. The group has recorded three straight sessions of redemptions and is net negative so far in December.

Derivatives activity added to the pressure. About $207 million in Ethereum long futures positions were liquidated over the past day, contributing to roughly $658.8 million in crypto-wide liquidations, CoinGlass reported. Long liquidations occur when leveraged bullish positions are closed by exchanges after collateral falls short as prices drop.

On the charts, ETH is tracking a flag-like consolidation on the daily timeframe following a sharp decline. The token also confirmed a death cross in late November, when the 50-day simple moving average moved below the 200-day. Market participants are watching the November low near $2,620 as the next support area, with resistance around $3,170, in line with the 23.6% Fibonacci retracement level.

The round-number $3,000 level has acted as support several times in recent weeks. The moves unfolded as investors awaited U.S. jobs data due later today, a release that can influence interest-rate expectations.

As we reported earlier, CryptoQuant CEO Ki Young Ju said Ethereum trades below its modeled fair value, with ETHVal’s composite near $4,535, about 60% above spot, based on 12 valuation models.