Ethereum (ETH) Reclaims $2,016 Within Hours of First Break Below $2,000 Since August 19

AI Selloff Drags Ethereum to $2,000

Early in Thursday's United States session on November 12, the Ethereum (ETH) price slipped to $1,996.52, putting the asset below the $2,000 mark for the first time since August 19. Dip buyers arrived within the same session and pushed the coin back to $2,024.04; it now trades near $2,016, down 3.2% over 24 hours. November has so far cut 16% from Ethereum (ETH), and the market stands 59.1% beneath the all-time high of $4,946.05. The shock came from outside crypto: after Nvidia announced the resignation of CEO Jensen Huang, selling in AI-linked equities spread across risk assets. Bitcoin fell 3.41% to $71,393 and lost the $72,000 level, a coin that tends to travel with technology stocks when risk appetite retreats. In a single hour, roughly $222 million of leveraged positions across the crypto market were liquidated, most of them longs. On-chain records show large holders split at the line. The whale cluster known as 7 Siblings accumulated 10,792 ETH at an average of $2,038, about $22 million in total, a direct bet on the $2,000 floor. Other wallets moved the other way: one whale closed a position on November 12 at a $3.1 million loss, and a wallet linked to the Ethereum Foundation sold 1,000 ETH, roughly $2.13 million, on November 10. The attacker behind the October 29 Binance breach, which drained $6.3 billion, still controls 511,861 Ethereum (ETH) worth about $1.04 billion, and none of it has been frozen; such actors typically sell stolen crypto over weeks to months as liquidity allows.

ETHA Outflows Meet Bitmine's Bids

Steady selling from United States spot ETF products is the heaviest drag on Ethereum this month. Net outflows ran for 23 consecutive trading days through October 30, the longest stretch since the funds launched in July 2024, and more than $2.3 billion left over six weeks. November 11 alone saw $144.8 million depart, about 90% of it from BlackRock's iShares Ethereum Trust (ETHA), a daily figure our report on the $144.8M ETHA outflow broke down. ETFs were pitched as a channel for pension funds and financial advisors to hold the asset without touching exchanges, yet they keep adding to floating supply. A shrinking daily outflow would be the first bottom signal, and an ETHA-led return to net inflows the condition for a rebound. Against that supply stands Bitmine Immersion Technologies (BMNR), the largest Ethereum Treasury holder, often called crypto's answer to MicroStrategy. In the week through November 9 it bought 9,587 Ethereum (ETH), lifting holdings to 6,070,092 coins, close to 5% of circulating supply. Its annual report for the fiscal year ended August 31, 2026, filed November 10, records a net loss of $6.3 billion, mostly unrealized losses on the stash after Ethereum fell 44% over that fiscal year. No coins were sold, the filing contains no loan terms that would force sales, and most revenue comes from staking, which locks coins on the proof-of-stake network and shrinks what can reach the market. The market already prices the risk: Bitmine shares fell 2.85% to $18.08 on November 11, and Sharplink Gaming (SBET), the second-largest treasury company with about 889,000 ETH, dropped 4.57% to $5.85. These firms issue shares at a premium to asset value and spend the proceeds on coins; once the premium goes, the accumulation model loses its engine. A weekly Bitmine reading below 6,070,092 ETH would mark the moment its largest buyer turned seller. Until treasury and whale bids keep absorbing ETF supply, the range around $2,000 holds; if that buying weakens, little support sits before $1,828, while reclaiming the 200-day moving average at $2,152 reopens the upside.

On COINOTAG's composite scoring, the strongest support sits just beneath the market at $2,010, rated 100 out of 100, while the nearest strong resistance stands at $2,211.53 with a score of 84. Positioning leans fragile: open interest runs at $7.73 billion and the long/short account ratio reads 3.63, with 78.4% of accounts long, so a break of the $2,010 shelf would land on a crowded side. Our Ethereum technical analysis shows the relative strength index at 28.16 inside an established downtrend, and sentiment sits at 28 out of 100, in Fear territory. The condition has now held through six straight weeks of ETF outflows and a 16% November drawdown, and it stays in place until ETHA-led inflows return or Bitmine's weekly stack starts to shrink.