Ethereum price remained under pressure on November 15, with Binance's ETH/USDT perpetual futures marking $1,834.82 at 09:16 UTC, down 3.6% over the previous 24 hours. Earlier, ETH climbed above $1,800 on Binance's spot market, reaching $1,803 at 3:32 a.m. ET.
Whale Positioning and Retail Liquidations
Analyst CW reported that a measure comparing whale and retail positioning climbed above 0.6 on November 13, with the gap continuing to widen on November 15. CW noted that whales were adding long positions—bets that the Ethereum price will rise—while retail traders faced liquidations. When leveraged traders cannot maintain sufficient collateral, exchanges may close their positions and lock in losses.
The divergence between whale and retail positioning underscores different market strategies among the two groups, though it does not establish that whales caused retail liquidations or confirm they purchased ETH in the spot market. Futures exposure can increase without corresponding purchases of coins for long-term storage.
Binance ETH Reserves Reach Lowest Level Since 2021
CryptoQuant analyst Darkfost estimates Binance's ETH reserves have fallen to 2.9 million, their lowest level since 2021, representing a decline of nearly 42% from more than five million ETH in July 2025. Darkfost's analysis shows that Binance's 30-day average netflows were negative for most of that period, meaning outflows exceeded inflows on average.
Some investors may have moved ETH to private wallets or decentralized finance platforms as the Ethereum price fell, Darkfost said. Such transfers can reduce the amount immediately available to sell on Binance, though they do not confirm accumulation. Holders could move their assets to another exchange. Lower exchange reserves could become significant if demand rebounds.
Exchange balances can change for other reasons. In October, roughly 204,500 ETH was stolen in a Binance wallet hack.
Key Price Levels After the Selloff
Gareth Soloway, Verified Investing's chief market strategist, held an ETH long at an average entry near $1,952 and had planned to add around $1,850. The $1,834.82 futures mark remained below both levels.
Over the previous seven days, the Ethereum price fell to about $1,826, marking a roughly 18% decline. Bitcoin slipped near $65,400 in the same period, down approximately 14% for the week.
Technical analysis placed resistance near $2,170, with the 50-day and 200-day moving averages near $2,280 and $2,290, respectively. The same analysis identified $1,200 as a longer-term support area, though other support could emerge before then. The daily relative strength index stood near 22, and the MACD remained below its signal line. An RSI below 30 is considered oversold, but it does not guarantee a rebound.
For the ETH price to improve, buyers would need to reclaim the $1,850 area and then $1,952. A sustained move higher could bring the $2,170 resistance area back into focus.
