Ethereum is struggling to recover the $2,000 level as continued selling weighs on the broader market. Persistent outflows from spot Ethereum ETFs, reported sales by wallets linked to the Ethereum Foundation, and large whale transactions have raised concerns about investor confidence. The decline has also coincided with rising liquidations in the derivatives market, putting leveraged traders under pressure.
However, the sell-off is not the whole story surrounding $ETH. Network activity remains substantial, prompting questions about the gap between Ethereum’s underlying usage and its recent market performance. With derivatives positioning weakening and institutional flows under scrutiny, can $ETH stabilise and reclaim $2,000, or could another decline follow?
Ethereum Faces Selling Pressure as ETF Outflows and Whale Activity Increase
Institutional withdrawals have become a significant source of selling pressure on Ethereum. US spot Ethereum ETFs recorded approximately $695.9 million in net outflows during November, with withdrawals reported in seven of the month’s first eight trading sessions. The trend continued on November 13, when the funds saw another net outflow of around $64.95 million.
On-chain activity has also added to concerns. A wallet identified by blockchain trackers as linked to the Ethereum Foundation sold another 2,000 $ETH, worth approximately $3.87 million, on November 13. By that date, the wallet’s reported sales since October 26 had reached 6,785 $ETH. Lookonchain later reported another sale of 1,000 $ETH on November 14, bringing its tracked sales over the preceding five days to 5,000 $ETH.
The #EthereumFoundation-linked wallet (0x5CBC) dumped another 1,000 $ETH($1.9M) an hour ago.
- Lookonchain (@lookonchain) November 14, 2026
Over the past 5 days, this wallet has sold 5,000 $ETH ($9.92M) at an average price of $1,983.5.https://t.co/LpNlrLUUAO pic.twitter.com/lgeVlj6AfJ
Whale activity has not been entirely one-sided. One large holder reportedly swapped 16,700 $ETH for approximately $30.94 million in USDT, while another whale accumulated 10,380 $ETH, worth nearly $19.91 million, despite carrying substantial unrealised losses. The transactions indicate differing strategies among large holders, rather than a uniform shift towards selling. Still, continued ETF withdrawals combined with sizeable $ETH disposals have reinforced cautious market sentiment as the token struggles below $2,000.
Ethereum Derivatives Point to Further Weakness as Long Liquidations Increase
Ethereum’s derivatives market suggests traders are growing more cautious as the price struggles to recover. Open interest across exchanges has fallen to approximately $23.08 billion, down 3.85% over 24 hours. In addition, $241.41 million in $ETH positions were liquidated over the past 24 hours, with long positions making up approximately 76% of the total.
Funding rates have moved close to neutral, at around 0.0001%. This suggests the earlier preference for long positions has largely faded, leaving bullish and bearish traders more evenly positioned. Futures activity remains considerably higher than spot trading: 24-hour futures volume is approximately $47.33 billion, compared with $3.10 billion in spot volume. This underscores how heavily $ETH trading continues to rely on derivatives.
$ETH Risks Further Losses as $1,829 Support Comes Into Focus
Ethereum’s daily chart continues to show weakness, with the latest decline pushing $ETH further below its moving averages. The bearish alignment of the EMA ribbon reflects fading upward momentum. A confirmed death cross, in which the 50-day EMA falls below the 200-day EMA, would provide another warning that the broader trend is becoming increasingly bearish.
Order blocks also show sellers gaining ground. Ethereum has faced successive selling zones at progressively lower prices, rather than resistance at a single fixed level. Each attempt to recover has struggled to break through these areas, suggesting sellers are stepping in earlier and making it harder for buyers to regain control. The latest drop below $1,900 adds to the pressure and leaves the market looking vulnerable.
Can Ethereum Hold $1,829 as Selling Pressure Builds?
Ethereum is under pressure from several directions, with persistent ETF outflows, reported sales by large holders, and a wave of long liquidations weighing on market sentiment. The derivatives market also shows traders reducing their positions, while the daily chart points to a weakening price structure. Successive lower order blocks suggest sellers are defending increasingly lower levels, making a sustained recovery more difficult.
For now, $1,829 remains the key support to watch. A break below this level could expose $ETH to further losses towards $1,725, while a recovery above $2,000 would be an early sign of buyers returning. However, $ETH needs to overcome overhead selling zones and improve its broader moving-average structure before the bullish outlook can gain traction. Until then, the risk of another decline remains.
