Ethereum briefly slipped below the closely watched $2,000 level on Nov. 12 before recovering to around $2,014, leaving traders divided on whether the area will hold as spot Ether exchange-traded funds continue to bleed.
Binance’s ETH/USDT daily chart showed Ether at $2,013.57, down 2.08% during the unfinished session. The token touched $1,983.82 after opening at $2,056.35, then climbed back above the round number but remained below the $2,031.25 Murrey Math resistance level. A move above that level would bring $2,100 back into view, followed by $2,187.50; below the session low, the next lower Murrey level sits near $1,875.
Trader Merlijn The Trader called the $2,000–$2,100 zone Ethereum’s “bull market line” and said the next move around this area could determine whether the market has already formed its 2026 bottom. He wrote that holding it would mean “the 2026 bottom was the bottom,” while a close below it would be “Goblin Town.” He also said he was placing bids and would welcome a brief wick below $2,000, putting more weight on the daily close.
A separate bullish short-term case came from trader Ted Pillows, who identified overhead liquidity clusters at $2,150, $2,250 and $2,450. He argued there were no major downside clusters in the short term and that a move higher would inflict the most pain on traders. CoinGlass liquidation heatmap data on Nov. 12 supported overhead concentrations around $2,150 and $2,250–$2,270, but also showed smaller liquidity near $2,020–$2,050 and below $2,000 around $1,980.
On the weekly chart, ETH remained below its 20-week simple moving average at $2,235.96 and its 50-week average at $2,282.08. The 200-week average stood at $2,560.31 and the 100-week average at $2,688.11. Weekly Chaikin Money Flow was positive at 0.10, indicating some buying pressure despite the lower price.
Spot Ethereum ETF outflows continued to weigh on sentiment. Farside Investors reported $144.8 million in net withdrawals on Nov. 11, led by $129.8 million from BlackRock’s ETHA. That fund had also recorded $119.3 million in outflows on Nov. 9 and no net movement on Nov. 10. Over the eight completed November sessions, spot Ether ETFs have lost $695.9 million, with Nov. 4 the only positive session at $53 million. The latest five-session withdrawal streak totaled $523.9 million.
Large holder selling also continued. Lookonchain identified a wallet that sold 6,532 ETH at an average price of $2,085, estimating a $3.1 million loss on an earlier purchase. US crypto fund weakness was not limited to Ethereum: Bitcoin ETFs recorded another $299.9 million in net outflows on Nov. 11, taking their five-session total to roughly $1.44 billion.
