ETH fell under $2,000 on November 13 for the first time since August. It traded near $1,920 in early Asian hours, down about 6% in a day. Three things hit at once. Tech sold off after Jensen Huang’s exit from Nvidia, Fed hike odds rose and ETF outflows kept coming. Leverage did the rest. Liquidations wiped out about $259 million in ETH positions, mostly longs.
A few weeks ago the chart looked bullish. Now every scenario is back on the table. So the real question is simple: does ETH print a higher low here, or does it break down? Below I cover the news, the macro, the chart and my one open trade.
Why ETH Fell Under $2,000
The $2,000 level had held since August. ETH tested it twice this week. On November 10 it dipped to $2,003, and on November 12 it wicked to about $1,984 before bouncing. The third test broke it.
The sharpest leg came between roughly 02:30 and 04:00 UTC on Friday. In that window, ETH dropped from around $2,010 toward $1,930. Forced selling fed itself. Across crypto, liquidations reached about $1.65 billion in 24 hours, and close to 89% came from longs.
Bitcoin set the tone. BTC lost $70,000 overnight and wicked to about $68,700. I covered that move in the latest update of our why is Bitcoin down post. When the leader breaks a round number, ETH usually follows harder.
Zoom out and the damage is clear. On November 5, ETH traded near $2,417. Eight days later, price sits about 20% lower. Overall, ETH is now roughly 60% below its August 2025 all-time high of $4,946.
The Macro: PPI Day, a Fed Hike and Nvidia
Today is PPI day. The October Producer Price Index lands at 8:30 a.m. ET. September’s report was a shock, as wholesale prices rose 1.3% for the month and 6.3% over the year. Forecasts had sat at 0.5% and 5.3%.
That context matters, because CPI already ran hot on Tuesday. Consumer prices rose 0.4% in October against a 0.3% forecast. I broke that print down in my CPI and ETH trading post. After it, CME FedWatch priced roughly an 85% chance of a quarter-point hike at the December 9 to 10 meeting. A half-point hike sat near 15%.
So a hot PPI today could push those half-point odds higher. Higher rates drain liquidity from risk assets, and crypto feels it first. A soft print, on the other hand, could spark a relief bounce, since so many longs already got flushed.
Tech adds a second layer of risk. Jensen Huang resigned as Nvidia CEO on Thursday, and the stock tagged $149 before bouncing. My previous trading post covers who runs Nvidia now. Bitcoin has traded closely with tech stocks this year. Nvidia reports earnings on November 17, so the next big test is only four days away.
ETH News: ETF Outflows, Record Staking and a Delayed Upgrade
The flows still point the wrong way. US spot ETH ETFs lost about $145 million on November 11 alone, led by BlackRock. Since the start of November, outflows add up to roughly $700 million. That follows October, when the funds lost about $1.6 billion over 23 straight days of redemptions.
Meanwhile, the Ethereum Foundation keeps selling. A wallet linked to the Foundation sold another 2,000 ETH today, worth about $3.9 million. On Tuesday, it had already sold 1,000 ETH. The amounts are small next to daily volume. Still, traders watch these wallets closely, and each sale hurts sentiment.
On the other side, staking keeps climbing. About 36.3% of all ETH now sits in staking, an all-time high. Staked coins cannot hit the market quickly, so liquid supply keeps shrinking. However, scarce supply does not move price without new buyers. Right now those buyers are missing.
The roadmap is not helping either. Glamsterdam, the next big upgrade, was due on the Hoodi testnet in late October. On October 22, developers postponed that fork to study how one proposal, EIP-8037, interacts with existing contracts. There is still no new testnet date and no mainnet date. For now, ethereum.org only lists Q4 2026, unconfirmed. As a result, the upgrade narrative that could pull buyers in keeps slipping.
It is the same tug of war I described in my ETH bounce post earlier this month. Stakers lock up coins, while ETF holders sell. So far, the sellers win.
The ETH Chart: Higher Low or Breakdown?
The trend is down. ETH has printed lower highs since the late September peak near $2,750. Today it trades below its 20-day average near $2,257, its 50-day near $2,443 and its 200-day near $2,151. Under all three, sellers control every timeframe.
In my last ETH post I watched for a sweep of $2,031 and a possible 8H bullish divergence. The sweep came, but price never reclaimed the level. Instead, it sliced straight through $2,000. A divergence only counts once price confirms it, as my RSI divergence guide explains.
Now the bigger picture. ETH bottomed near $1,560 in late June. From there, it ran to about $2,750 by late September. Then the August pullback low at $1,905 became the key swing low in between. Together, those levels give us the map for the higher-low question.
Support levels I watch:
- $1,905 to $1,920, the August low and today’s low
- $1,875, the next support band
- $1,800 to $1,830, where several analysts see the next target
- $1,560, the June cycle low
Resistance levels I watch:
- $2,000, the round number ETH just lost
- $2,031, Tuesday’s low, now resistance
- $2,150, the 200-day average and a liquidation cluster
- $2,250 to $2,270, the next liquidation cluster
Three Scenarios for ETH From Here
Every scenario is back on the table. Here is how I map them.
Scenario one is the strong higher low. ETH holds $1,905 on a daily close and reclaims $2,000 within days. That would keep the August low intact and the June-to-September uptrend alive. In that case, a reclaim of $2,031 would flip the short-term picture bullish again.
The second scenario is a deeper higher low. ETH loses $1,905 and flushes into the $1,800 to $1,875 zone. That still sits well above the June low, so the higher-timeframe structure survives. A sweep there, followed by a quick reclaim, is a classic setup from my bottom patterns guide.
Finally, there is the breakdown. ETH closes below $1,800 and the higher-low idea dies. Then the June low near $1,560 becomes the magnet. A full retest of that level would point to a long range, not a new uptrend.
Which one plays out depends on Bitcoin, on today’s PPI and on Nvidia’s earnings. I don’t need to guess. Instead, I plan each scenario before it happens, the way I explain in how to set up a trade. Then price shows me which one it picks.
My Trades: One BNB Short, No ETH Position
I have no ETH trade. My only open position is a BNB short from $673.50. It triggered on a 4H trendline support break, and BNB kept sliding with the rest of the market. Right now it trades near $641.
I have already pulled my stop down to $652. That sits below my entry, so this trade will always close in profit. From here, the market decides how much.
On ETH, I let this scenario play out. A few weeks ago the chart looked bullish. Now I want to see where the low forms before I commit. No position is a position too. It keeps my capital ready for the setup where the odds are clearly on my side.
Spot is a separate bucket for me. My DCA keeps running on its own schedule, whatever the chart does. If you want to build a position the same way, my DCA strategy guide walks you through it.
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Final Words
ETH under $2,000 is a real break, not just a wick. Leverage got flushed, ETFs keep selling and the next upgrade has no date. On the other hand, staking sits at a record and the June low is still far below.
The next few days decide the structure. PPI lands today, and Nvidia reports on Tuesday. A daily close above $1,905 keeps the higher-low case alive. Below $1,800, the road to the June low opens up.
New to Ethereum and thinking about spot instead of trading? Start with how to buy ETH for the first time. And never buy more than you can hold through a drop like this one.
FAQ
Why is ETH under $2,000 today?
ETH fell below $2,000 on November 13 as Bitcoin lost $70,000 and tech stocks dropped after Jensen Huang left Nvidia. Rising Fed hike odds and ETF outflows added pressure. About $259 million in ETH positions were liquidated, mostly longs.
When did ETH last trade under $2,000?
Before this week, ETH last traded below $2,000 on August 19, 2026. That day it hit a low of $1,905.
What are the key ETH support levels?
The first zone is $1,905 to $1,920. Below that sit $1,875 and the $1,800 to $1,830 area. The June low near $1,560 is the major floor.
Is ETH making a higher low?
Not confirmed yet. As long as ETH stays above the June low near $1,560, the bigger structure is a higher low. Holding $1,905 would make it a strong one.
How does PPI affect crypto?
A hot PPI raises the odds of Fed rate hikes. Higher rates pull money out of risk assets like crypto. The next Fed decision comes at the December 9 to 10 meeting.
How much ETH is staked?
About 36.3% of the ETH supply is staked, a record high. Staking keeps rising even as ETF investors sell.
When is the Glamsterdam upgrade?
There is no confirmed date. Developers postponed the Hoodi testnet fork on October 22, and ethereum.org only lists Q4 2026 as a target.
