Ethereum has recently lost its support at $2,250, a level it last held in October, and the altcoin was trading at $2,126.73 at press time.
In just one month, $ETH has fallen 15.1%. This decline, along with its struggle to climb back to the $2500 price level, has become a major topic of conversation in the market.
Community concerns are signaling bearish sentiment around Ethereum.
Starting with a well-known crypto analyst under the username TED, who said,
$ETH lost its $2,250 support zone and quickly dropped below $2,100. Now, Ethereum needs to reclaim that zone soon, or else it could drop below $2,000.
Echoing similar sentiments, another trader added,
The immediate support for $ETH aligns with the $2,000 psychological threshold, reinforced by the May 28 high around $1,967.
However, Andreas Steno Larsen, founder of NowcastIQ, believes that the problem is not just $ETH but a broader market downturn, noting,
Prices are in free fall into November on everything from shipping to insurance to crack spreads, so seems like November will deliver potentially the softest inflation report on this side of Covid.
Not everyone joins the fray
Bitmine’s Tom Lee responded to $ETH’s current downturn, adding,
To me, the languishing of $ETH price, while disappointing is arguably more a reflection of the impatience of markets
Lee believes investors are growing impatient for immediate returns, even as Ethereum [$ETH] continues to make steady progress in the tokenization of real-world assets (RWAs).
According to Token Terminal data, Ethereum’s RWA market capitalization has reached $20.9 billion, followed by BNB Chain at $6.2 billion and Solana at $4.8 billion.
He even cited Vitalik Buterin’s recent view of $ETH as a store of value, which further strengthens its long-term investment narrative.
Market dynamics are adding fuel to the fire, but…
However, Lee’s optimistic outlook on $ETH is not fitting well with the market, as Ethereum has posted weak performance in November 2026, declining 5.50% so far.
CoinGlass data showed $ETH had fallen 5.50% in November, 20.67% in Q4, and 28.25% year to date.
The Liquidation Heatmap further shows that $269.37 million in crypto positions were liquidated over the past 24 hours. Of this, Ethereum recorded the highest coin-specific liquidations at $63.76 million, followed by Bitcoin [BTC] at $61.42 million at press time.
At the same time, an Ethereum OG whale has moved 2,155 $ETH, worth approximately $4.59 million, after more than 10 years of inactivity.
Moreover, US spot Ethereum ETFs have recorded weekly withdrawals since the week ending October 9, through to the present.
Still, there is hope in the market for a possible trend reversal, as whale activity around Lido’s staked Ethereum (stETH) has surged over the past four days, reaching its highest sustained level since April, with more than 630 daily transactions worth at least $100,000.
This suggests that large investors are actively repositioning around $ETH near $2,100.
Final Summary
- There is widespread panic in the crypto community as $ETH dropped to $2100.
- ETFs, whale transfers, and monthly returns are all adding to the ongoing concern.
Source: ambcrypto.com. Adapted by NBTC.
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