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Ethereum traded at $2,013.57 on Binance’s ETH/USDT daily chart on Nov. 12, recovering back above the $2,000 line after a session low of $1,983.82, according to crypto.news. The token had opened the session at $2,056.35 and was down 2.08% at press time, with daily candles in a run of lower highs stretching back to a late-September peak near $2,800.
The move left analysts disagreeing over whether the $2,000 area is a floor or a stopping point on the way lower. It also came as US spot Ether ETFs kept shedding assets, part of a wider pullback across crypto funds that Bitcoin.com News said had pushed bitcoin to $73,703 on Nov. 10 and liquidated $356.16 million in positions over 24 hours.
Also readEthereum Holds Near $2,302 as Open Interest and ETF Demand Weaken
Key facts
- Ethereum’s daily chart remained below a Murrey Math level at $2,031.25, with $2,100 and $2,187.50 as the next resistance readings.
- US spot Ethereum ETFs recorded $695.9 million in net withdrawals across the eight completed November sessions through Nov. 11, losing money in seven of them.
- BlackRock’s ETHA drove the latest outflow with $129.8 million on Nov. 11, about 89.6% of that day’s $144.8 million total; the fund had withdrawn $119.3 million on Nov. 9 and had no net movement on Nov. 10.
- On the weekly chart, ETH sat below its 20-week average at $2,235.96, its 50-week average at $2,282.08, its 200-week average at $2,560.31 and its 100-week average at $2,688.11.
- Bitcoin.com News reported $356.16 million in 24-hour crypto liquidations on Nov. 10, with long positions accounting for $280.40 million and Ethereum for $117.61 million of the total.
Two readings of the $2,000 zone
Merlijn The Trader described the $2,000-$2,100 band as Ethereum’s “bull market line” in a Nov. 12 post on X, writing that holding it would confirm the 2026 low and that closing beneath it would open a much worse path. His comments said he was placing bids and would not mind a wick under the round number, which puts weight on the closing price rather than intraday lows.
Ted Pillows took a rebound case in a Nov. 11 post, listing overhead liquidity clusters at $2,150, $2,250 and $2,450 and calling a move up the most painful outcome for traders. A fresh CoinGlass heatmap taken Nov. 12 showed substantial concentrations around $2,150 and $2,250-$2,270, though smaller bands near $2,020-$2,050 and liquidity below $2,000 around $1,980 meant downside exposure had not disappeared. Reaching $2,150 would be a gain of roughly 6.8% from $2,013.57; $2,250 would take almost 11.7%.
Also readEthereum Tests $2,800 Again as Whale Transactions Surge
Weekly Chaikin Money Flow stayed positive at 0.10 even as price fell, an indicator reading that crypto.news reported as a sign of some buying pressure without any recovery of the nearest weekly moving averages.
ETF withdrawals and forced selling
The fund flow data from Farside Investors tracks the decline. November’s only positive ETF session was Nov. 4, at $53 million, and the latest five-session streak of outflows reached $523.9 million. Bitcoin.com News, reporting from a different angle, put bitcoin ETF net outflows at $299.9 million on Nov. 11 and about $1.44 billion over five sessions.
crypto.news tied the price drop to leveraged long liquidations during the earlier selloff, citing CoinGlass figures from Nov. 9 that showed more than $462 million in 24-hour ETH liquidations, of which roughly $425 million were longs. Bitcoin.com News separately reported that ETH longs made up 88.4% of Ethereum’s liquidations on Nov. 10, while BTC longs were 82.3% of bitcoin’s. Large holders have also been selling: Lookonchain flagged a wallet that sold 6,532 ETH at an average of $2,085 and took an estimated $3.1 million loss on an earlier purchase.
Why it matters
The $2,000 line now doubles as a test of whether ETF demand can absorb forced selling. Ether has lost the consolidation it held near $2,200, and a recovery to $2,031 would still leave it beneath that former range. Derivatives data from Bitcoin.com News underlined how much of the recent bounce came from positioning rather than spot buying: Bitfinex analysts said funding had cooled after the post-election rally and that cheap leverage shows longs are no longer crowded “not that anyone is buying.”
With bitcoin also under pressure and an October CPI print of 0.4% month over month exceeding the 0.3% expected, the macro backdrop adds another constraint on any rebound.
What to watch
The next signals are the Nov. 13 bitcoin options expiry, where Bitfinex analysts expect bitcoin between $72,350 and $79,400 with trading toward the lower half, and the daily and weekly closes relative to $2,000 and $2,031.25. Further Farside ETF flow prints will show whether the withdrawal streak breaks.
None of this is financial advice; crypto markets are volatile and prices can move sharply in either direction.
Sources: crypto.news, Bitcoin.com News
