Ethereum fell below $2,000 on November 12, 2026, reaching a low of about $1,996 before buyers pushed it back up. The dip was brief. The mood it reflected may last longer.
$ETH later recovered to around $2,040 to $2,050, but still ended the day down 3.8%.
A round number, briefly broken
Depending on the venue, the intraday low was roughly between $1,996 and $2,006.
The broader picture is less encouraging. $ETH is down about 16% in November alone and roughly 32% year to date as of this month.
Leverage intensified the decline. Liquidations recently exceeded $250 million as traders betting on rising prices were forcibly closed out when their collateral ran low.
Blame the inflation print
The trigger came a day earlier. A hotter-than-expected CPI inflation report released on November 11 pushed the odds of a Federal Reserve rate hike above 90%.
Markets broadly moved into risk-off mode. During macroeconomic scares, crypto tends to trade like a high-beta cousin of tech stocks, and it took its share of the hit.
The ETF exodus
US spot $ETH ETFs recorded net outflows for 23 consecutive trading days through late October. More than $1.61 billion flowed out of the funds in October alone.
Network data also points to weakness. Ethereum’s active addresses have reached multi-month lows, indicating that fewer wallets are using the chain.
At least one whale is buying
Not everyone headed for the exits. An on-chain address known as “7 Siblings” bought more than 10,700 $ETH during the dip, worth about $22 million.
The wallet’s average purchase price was near $2,038. That is close to where $ETH eventually settled, leaving the buyer roughly even on the trade for now.
What this means for $ETH holders
The immediate question is whether $2,000 will hold. If it doesn’t, the next support zone is around $1,800 to $1,970.
With rate-hike odds above 90%, further hot economic data could prolong the risk-off mood.
ETF flows are worth watching closely. A shift from outflows to inflows would be the clearest indication that institutional appetite is returning, and would matter more than any single whale purchase.
For now, deep-pocketed buyers are picking up some of the dip, while fund investors are heading for the exits and the macroeconomic backdrop is weighing on risk appetite. Ethereum reclaimed $2,000 this time; over the coming weeks, the market will find out whether the recovery has real support.
