The Crypto Desk desk. Editor: Sam Daodu.
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Ethereum (CRYPTO: ETH) has fallen 20% over the last 30 days and trades at $2,027, only 1.3% above the $2,000 mark. Solana (CRYPTO: SOL) has fallen harder, down 26% to $82. Both coins trade about 4.5% below their lowest closes of the past month, set on November 8 at $2,124 for Ethereum and $86 for Solana.
Over a longer stretch, the damage is even greater. Ethereum trades 59% below its all-time high of $4,946 from August 24, 2025, while Solana trades 72% below its $293 peak from January 19, 2025. So how low can Ethereum go, and how far can Solana fall?
Ethereum Has Fallen Six Straight Weeks and Is Closing In on $2,000
FxPro chief market analyst Alex Kuptsikevich said that Ethereum has fallen for six straight weeks and trades below both its 50-week and 200-week moving averages. The daily chart shows similar weakness. Ethereum trades 13.2% below its 20-day average of $2,294, 21.9% below its 50-day average of $2,471 and 6.3% below its 200-day average of $2,154, a level Kuptsikevich had flagged as a bear target.
Forced liquidations added to the selling when a wave of them hit crypto on November 8, as exchanges closed borrowed-money positions whose losses had eaten the traders’ collateral. Liquidation selling usually fades once those positions are cleared, so any bounce needs new buyers to enter.
However, big investors are still selling. U.S. spot Ethereum ETFs saw $184.6 million in net outflows on November 9, with $119 million coming from BlackRock’s iShares Ethereum Trust (NASDAQ: ETHA). The fee burn, which destroys part of every Ethereum transaction fee, hasn’t stopped the slide either, and Vitalik Buterin says it was never a price floor.
The key test for Ethereum is the $2,000 round number, where buying and selling tends to cluster. Coinbase Markets says options prices show traders expect a move of up to 8.5% in either direction through November 15. If Ethereum falls below $2,000, the next levels to watch are the August 16 low of $1,874, 7.5% lower, and the June 25 one-year low of $1,566, 22.7% lower.
Solana Has Lost Its 200-Day Average, and $80 Is the Next Line
Solana has fallen the most of the three, down 26% versus Ethereum’s 20% and Bitcoin’s (CRYPTO: BTC) 11.2% over the same 30 days. This month alone, Solana is down 13.6% while Ethereum has dropped 10.1%, and Solana’s 12% weekly loss tops Ethereum’s 11.6%.
Solana trades 16.8% below its 20-day average of $96, 30.2% below its 50-day average of $107, and 8.3% below its 200-day average of $89. That contrasts with Bitcoin, which remains slightly above its 200-day average of $73,162, showing how much more pressure smaller coins like Solana are under.
Furthermore, Solana appears to lack a solid base of institutional buyers. U.S. spot Solana ETFs saw net outflows of $7.7 million on November 9, so they offer little demand to cushion the selling. Smaller coins also tend to carry more borrowed money relative to their size, the same pattern behind why Ethereum falls harder than Bitcoin. Even Solana’s faster, cheaper network hasn’t spared its price.
Solana’s first test is the $80 round number, 2.6% below its price. Coinbase Markets says options imply a move of up to 9.3% in either direction for Solana through November 15, a wider range than Ethereum’s. If Solana closes below $80, the next levels are the August 16 close of $75, 8.7% lower, and the June 6 one-year low close of $62, 24.5% lower, levels that also framed whether Solana is a good investment.
How Low Can Ethereum and Solana Go Before the Selling Stops?
Both Ethereum and Solana are still searching for a floor, because ETF outflows and forced liquidations are driving the selling, and any recovery depends on ETF buyers returning. A run of net inflows into spot Ethereum ETFs, followed by a close above the 200-day average of $2,154, could signal that the downtrend has reached a turning point. Similarly, Solana could signal a shift by closing above its 200-day average of $89.
If Ethereum closes below $2,000 while ETF outflows continue, its August low of $1,874 could be the next support, with the one-year low of $1,566 below that. For Solana, a close below $80 could test its August close of $75, and a break below that would leave the one-year low close of $62 as the last major support to watch.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
