Ethereum slipped below $2,000 on November 12, 2026, trading as low as approximately $1,996 before recovering to settle around $2,040 to $2,050. The intraday dip was brief, but the day still closed with ETH down 3.8%.
The decline reflects broader pressure on the second-largest crypto asset. ETH has fallen about 16% in November alone and roughly 32% year-to-date as of the month's end. Liquidations exceeded $250 million as traders betting on higher prices faced forced closures when collateral weakened.
Inflation data triggers market selloff
The immediate catalyst was a hot CPI inflation report published on November 11, which raised the probability of a Federal Reserve rate hike to above 90%. The report triggered a broad risk-off move across markets, with crypto absorbing significant losses as a high-volatility asset class during macro scares.
Institutional outflows accelerate
US spot ETH ETFs posted net outflows over 23 consecutive trading days through late October, with more than $1.61 billion exiting the funds in October alone. Network activity has also weakened, with Ethereum's active addresses hitting multi-month lows, suggesting reduced on-chain usage.
Selective buying amid the dip
Not all participants retreated. An on-chain address known as "7 Siblings" purchased over 10,700 ETH during the decline, accumulating a position worth approximately $22 million at an average entry price near $2,038—close to where ETH eventually settled.
Support levels and outlook
The immediate question for the market is whether the $2,000 level holds. If it fails, the next support zone sits around $1,800 to $1,970. With rate hike odds above 90%, additional inflation data could extend the risk-off environment. ETF flow reversals would signal returning institutional interest more clearly than individual whale purchases.
