Ethereum price faced renewed pressure near $2,000 on Nov. 12, 2026, after U.S. spot exchange-traded funds extended their withdrawal streak.
The funds recorded $144.8 million in net outflows on Nov. 11, according to Farside Investors. Meanwhile, Lookonchain reported a large holder selling thousands of ETH at an estimated loss.
Ethereum Price Erases Most of Its August Rally
CoinGlass data show Ethereum ended July near $1,860 before gaining 32.6% to reach $2,467 by August’s close. The rally continued into September, when ETH finished around $2,684, but buying momentum weakened during October. Ethereum then lost approximately 16% that month, reversing part of its previous gains.
The decline continued into November as ETH price struggled to maintain support above $2,200. On November 10, Ethereum dropped toward $2,005 before recovering above $2,050 during the following session. However, sellers returned on Thursday and pushed the cryptocurrency below the $2,000 level.
The latest decline follows a recent Ethereum price analysis that identified $1,976.80 as an important downside level. That analysis warned that a break below this area could weaken a possible recovery pattern. Ethereum’s latest low approached that threshold, although the intraday decline did not result in a daily close below $2,000.
Spot Ethereum ETFs Record $145 Million in Net Outflows
The Ethereum price decline has coincided with continued selling across US spot exchange-traded funds. Farside Investors data show the funds recorded $144.8 million in net outflows on November 11. The withdrawals marked their fifth consecutive trading session of negative flows.
BlackRock’s ETHA accounted for $129.8 million of the withdrawals, while its ETHB fund lost another $5.3 million. Meanwhile, Bitwise’s ETHW recorded $4.8 million in outflows, and Fidelity’s FETH lost $4.1 million. The figures followed a sharp slowdown in withdrawals during the previous session.
On November 10, Ethereum ETFs recorded only $1.3 million in net outflows, compared with $184.6 million on November 9. However, the latest withdrawals brought cumulative losses across five trading sessions to approximately $523.8 million. This follows October’s $1.61 billion in net outflows, reversing the inflow trend that supported Ethereum investment products during August.
ETH Price Analysis and On-Chain Data Show Mixed Activity
Ethereum crypto breaking below $2,000 has shifted attention toward the $1,965 support level identified on the weekly chart. If selling continues below that area, the next marked support stands near $1,713. Conversely, a recovery would require ETH to reclaim $2,150 before challenging the $2,240 resistance region.
The weaker price structure comes as some large holders have started realizing losses on their Ethereum positions. Blockchain analytics firm Lookonchain reported that wallet 0x69A8 sold 6,532 ETH worth approximately $13.62 million. The firm estimated a $3.1 million loss on an earlier purchase of 5,105 ETH at around $2,691.
However, other large traders have increased their bullish exposure despite the decline. A recent report on Ethereum whale activity noted that the whale-versus-retail positioning delta had climbed above 0.3. The indicator measures differences between large and smaller traders’ futures positioning, rather than direct spot purchases.
Crypto analyst Ted Pillows shared an updated Ethereum liquidity map on Wednesday, pointing to three areas around $2,150, $2,250, and $2,450. Most of the liquidity shown on the chart sits above the current ETH price, making these levels worth watching if buyers return.
For now, ETH must first regain $2,000, while another round of selling could keep the price below that mark.
This article provides cryptocurrency market analysis, not financial or investment advice. ETF flows, on-chain transactions and technical levels cannot guarantee future price movements. Cryptocurrency markets carry substantial risk.
Kelvin is an experienced crypto journalist with over 6 years of experience backed by an Actuarial Science and English Degree. He has over 10,000 works published under his profile in several major media sites in the crypto, Web 3, and Finance sectors.
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