Ethereum price fell below USD 2,000 on Friday, November 13, as heavy selling, continued ETF withdrawals, and widespread liquidations pressured the cryptocurrency market. ETH traded near USD 1,935 after losing almost 6% in 24 hours, while Bitcoin dropped below USD 70,000. The broader crypto market declined approximately 5.4%, extending losses across major digital assets.
The decline came as technology stocks faced renewed pressure following Nvidia CEO Jensen Huang's resignation. At the same time, traders faced nearly USD 250 million in Ethereum liquidations, while US spot Ethereum ETFs continued recording withdrawals.
Ethereum's latest selloff followed several failed attempts to reclaim USD 2,000. Selling intensified as Bitcoin lost approximately 6.7% over 24 hours and XRP moved closer to USD 1.
Meanwhile, Nvidia's leadership change unsettled technology stocks linked to artificial intelligence. Shares of Nvidia and AI infrastructure firms, including CoreWeave, Nebius and Iren, recorded substantial intraday losses before recovering some ground.
Cryptocurrencies declined during the same period, although the stock market weakness does not establish a direct cause for Ethereum's losses. Earlier concerns about inflation and Federal Reserve interest rates had already weighed on digital assets.
Against this backdrop, Ethereum continued losing ground as investors reduced exposure across major cryptocurrencies. The decline also pushed ETH below a closely watched price level, bringing leveraged trading positions under greater pressure.
Ethereum's fall below USD 2,000 triggered substantial losses among leveraged traders. According to CoinGlass, exchanges liquidated approximately USD 249.8 million in ETH positions over 24 hours.
Long positions accounted for USD 225.9 million, representing more than 90% of the total. Short liquidations reached USD 23.9 million. Such liquidations occur when exchanges close leveraged positions after traders lose sufficient collateral.
Meanwhile, institutional fund flows remained negative. Farside Investors reported USD 144.8 million in net withdrawals from US spot Ethereum ETFs on November 11.
BlackRock's ETHA accounted for approximately USD 129.8 million, while other funds recorded smaller withdrawals. Cumulative Ethereum ETF outflows reached USD 695.9 million between November 1 and November 11.
Separately, Ethereum developers postponed the Glamsterdam upgrade on the Hoodi testnet after auditors identified potential smart contract compatibility problems.
The Ethereum Foundation said proposed changes under EIP-8037 and EIP-8038 could affect applications that rely on existing gas costs. Developers plan to review the findings on November 19, although no revised mainnet activation date has emerged.
Ethereum's daily chart showed ETH trading near USD 1,925 after touching USD 1,917. The cryptocurrency continued forming lower highs and lower lows, maintaining its downward price structure.
Crypto analyst More Crypto Online identified Fibonacci support near USD 1,920 but reported no confirmed reversal signal. The analyst placed the next potential support at USD 1,832 if selling continues.
Meanwhile, CrediBULL Crypto revised his earlier bullish wave interpretation following the latest decline. His analysis now allows another move toward the lower trading range before a possible recovery.
Read More: Ethereum Wallet Sells 4,785 ETH as Price Dips Near USD 2,000
His longer-term outlook identifies USD 1,380 as a key invalidation level, rather than an immediate downside target. The revised outlook raises one question: Can Ethereum defend USD 1,920 before sellers force another decline?
Technical indicators also reflected persistent weakness. Ethereum's daily Relative Strength Index stood at 24.09, below the conventional oversold threshold of 30, while the MACD remained negative.
Immediate support stood near USD 1,900, followed by USD 1,850 and USD 1,750. On the upside, a move above USD 2,000 would bring USD 2,020 and USD 2,100 into focus.
A sustained recovery would require stronger buying activity and a break above nearby resistance levels.
Ethereum price remains under pressure after falling below USD 2,000 amid heavy liquidations, continued ETF withdrawals, and broader market weakness. With nearly USD 250 million in leveraged positions liquidated, traders are watching USD 1,920 and USD 1,900 for support. A recovery above USD 2,000 could bring higher resistance levels into focus