Ethereum price tests $2,000 as ETF outflows near $700M

Ethereum price has slipped below $2,000 before recovering to around $2,014 on Nov. 12, leaving traders divided over whether a closely watched support zone can hold as US spot Ether ETFs continue losing money.

Ethereum’s $2,000 support faces renewed pressure

Merlijn The Trader described the $2,000–$2,100 area as Ethereum’s “bull market line” in a Nov. 12 X post, arguing that its next move around this zone could determine whether the market has already formed its 2026 bottom.

“Hold it, and the 2026 bottom was the bottom,” he wrote. “Close below it, and it’s Goblin Town.”

His chart compared the current area with previous market lows, while his accompanying comments said he was placing bids and would welcome a wick below $2,000. His interpretation therefore leaves room for a brief dip beneath the round number, with the closing price carrying more weight in his argument.

At press time on Nov. 12, Binance’s ETH/USDT daily chart showed Ether at $2,013.57, down 2.08% during the unfinished session. The token had fallen to $1,983.82 after opening at $2,056.35, putting it back above $2,000 but below the upper part of the trader’s support zone.

On the daily chart, the nearest Murrey Math level stood at $2,031.25, just above the quoted price. A recovery through that level would place $2,100 back in view, followed by the next Murrey resistance at $2,187.50. Below the session low, the chart’s next lower Murrey level was $1,875, roughly 6.9% beneath $2,013.57.

The daily candles show a sequence of lower highs since the late-September peak near $2,800. Earlier rebounds through October failed to regain that peak, and the latest decline has carried ETH beneath the consolidation around $2,200. A return above $2,031 alone would still leave price below that former trading area.

Upside liquidity offers a rebound case

Ted Pillows presented a bullish short-term argument in a Nov. 11 X post, identifying three overhead liquidity clusters at $2,150, $2,250 and $2,450. He said there were no major downside clusters in the short term and suggested a move higher would inflict the most pain on traders.

The newer one-week CoinGlass heatmap, captured on Nov. 12, still showed substantial overhead concentrations around $2,150 and $2,250–$2,270. Smaller bands appeared closer to price around $2,020–$2,050, while liquidity remained visible below $2,000 near $1,980.

Consequently, the latest snapshot supports the presence of overhead liquidation targets but shows downside exposure beneath the current price as well. A rebound toward $2,150 would represent a gain of approximately 6.8% from the daily chart’s $2,013.57 reading; reaching $2,250 would require nearly 11.7%.

Ethereum’s weekly chart leaves several hurdles between a bounce and a stronger recovery. At 17:50 UTC, ETH traded around $2,015, below its 20-week simple moving average at $2,235.96 and its 50-week average at $2,282.08. The 200-week average stood higher at $2,560.31, with the 100-week average at $2,688.11.

Weekly Chaikin Money Flow remained positive at 0.10 despite the falling price. The reading suggests some buying pressure within the indicator’s measurement period, although Ethereum has yet to recover even its nearest weekly moving averages.

ETF withdrawals persist after leveraged selling

US fund demand has continued weakening during the decline. According to Farside Investors, spot Ethereum ETFs recorded $144.8 million in net withdrawals on Nov. 11, led by $129.8 million from BlackRock’s ETHA.

ETHA accounted for approximately 89.6% of the latest daily net withdrawals. Its $129.8 million outflow followed a $119.3 million withdrawal on Nov. 9 and no net movement on Nov. 10.

Adding the eight completed November sessions brings net withdrawals to $695.9 million. The funds lost money in seven sessions, with Nov. 4 providing the only positive result at $53 million. Their latest five-session withdrawal streak totaled $523.9 million.

As crypto.news previously reported, Ethereum faced heavy leveraged long liquidations during the earlier selloff. CoinGlass figures cited on Nov. 9 put 24-hour ETH liquidations above $462 million, including roughly $425 million in longs.

Selling has continued among individual large holders. Lookonchain identified a wallet that sold 6,532 ETH at an average price of $2,085, estimating a $3.1 million loss on an earlier purchase.

The withdrawals have spread across US crypto funds. Bitcoin ETFs recorded another $299.9 million in net outflows on Nov. 11, taking their five-session total to approximately $1.44 billion.