Ether (ETH) slid below $2,000 on Friday, Nov. 13, its first sustained break of the level since August. It traded near $1,922 to $1,935, down about 6% over 24 hours. Bitcoin fell under $70,000 at the same time, and CoinGlass counted $1.65 billion in crypto liquidations over 24 hours. Long positions made up 88.9% of that total.
A brief dip, then the break
Ether first slipped under the line on Thursday, touching an intraday low near $1,996 before buyers pushed it back to about $2,040 to $2,050. It still closed the day down 3.8%. The recovery did not last. Selling picked up overnight, and the price fell through $1,971, a support level traders had been watching.
ETH last traded below $2,000 on Aug. 19, when it hit a daily low of $1,905. It is now about 59.6% below its all-time high of $4,946, set on Aug. 24, 2025. The token has lost roughly 22% in a month from about $2,496, and it is down about 32% so far this year.
Forced selling and fund outflows
About $297 million in leveraged ETH positions were closed by exchanges within a day, and most were bets on higher prices. The break below $2,000 looks like a forced unwind of leveraged bets as much as a rush to sell the coin itself.
Spot Ether ETFs added to the pressure. SoSoValue data show net outflows of $144.8 million on Nov. 11, led by withdrawals from BlackRock's fund. Options dealers' hedging also amplified the drop, as dealers who sold put options sell more ETH as the price falls.
Inflation, Nvidia and rate worries
Several outside shocks landed together. US consumer prices rose 0.4% in October, above the 0.3% forecast, and that fed expectations of tighter monetary policy. CME FedWatch showed a 12.6% chance of a half-point hike in December on Nov. 12, before the producer price index release due Friday. A hotter reading could lift those odds.
Nvidia's announcement on Thursday that Jensen Huang had resigned as CEO also hit AI-related stocks, and that spilled into crypto. Oil prices rose on renewed uncertainty over Iran, which added to the risk-off mood. Higher rates tend to hurt assets that pay no cash flow, and ETH's slide has run alongside weakness in tech shares.
Levels traders are watching
The chart is weak. ETH trades below its 20-day average near $2,227 and its 50-day and 100-day averages, which sit between roughly $2,320 and $2,334. The 200-day average is $2,151, and the first resistance level is $2,101. Supports sit at $1,827 and $1,706.
Trader Merlijn The Trader had marked the $2,000 to $2,100 band as Ethereum's "bull market line" in a Nov. 12 post. He wrote:
"If it holds, the 2026 bottom was the bottom; if it closes below, it enters bearish territory."
I’ve watched $ETH bleed for the last 3 weeks.
— Merlijn The Trader (@MerlijnTrader) November 12, 2026
Now it’s back on the only line that matters.
$2,000–$2,100. The bull market line.
2022 bottom. 2025 bottom. 2026 bottom. Every time, this level decided everything.
Hold it, and the 2026 bottom was the bottom.
Close below it, and… pic.twitter.com/98B8QlR2EH
He said he had buy orders in place for a possible dip below the round number.
Not everyone is selling. One whale bought more than 10,700 ETH on the dip. The staking ratio also hit an all-time high of 36.3%, which means more ETH is locked in staking contracts than ever. Bitmine, the largest corporate ETH holder, reported in its Nov. 10 annual filing that its ETH had a cost basis of $19.95 billion against a fair value of $14.56 billion at Aug. 31, so the drop below $2,000 widens the gap.
Whether $2,000 can be reclaimed depends on ETF flows and Friday's inflation data. A daily close back above $2,101 would suggest that buyers are returning.
Anastasiia G
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