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.
$ETH has 3 decent liquidity clusters right now, and all of them are to the upside.
$2,150, $2,250, and $2,450.
In the short term, there are no major liquidity clusters to the downside, so the max pain looks like a pump here. https://t.co/qrNs0MWqCz
— Ted (@TedPillows) November 11, 2026
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.
