It was back-to-back league defeats for Las Palmas following last Saturday’s 3-0 home loss to Real Madrid.
Etebo missed Las Palmas’ last two league games against Deportivo La Coruna and Real Madrid due to injury.
The midfielder, alongside his Nigerian teammate and Rio 2016 Olympics hero Imoh Ezekiel, played 90 minutes for Las Palmas.
Levante took the lead in the 35th minute through Coke before David Garcia equalised for Las Palmas on 50 minutes.
Coke was sent off for Levante in the 86th minute after receiving his second yellow card.
Las Palmas failed to make their one-man advantage count as Jose Campana scored what proved to be the winner for Levante in the 90th minute.
In two minutes of added time, Levante were reduced to nine men as Ruben Rochina was shown a straight red card.
With the defeat, Las Palmas dropped to 19th on 21 points in the league table with seven games left to play.