Ethereum Price Falls to $1,962 as Crypto Market Plunges
Ethereum (ETH) price dropped to $1,962 on Friday, broadly following Bitcoin lower, though it fell less; market-wide selling, intensified by forced long liquidations, appears to be the main driver.
Traders said inflation and Fed rate concerns are driving crypto market weakness, with liquidations adding selling pressure.
Reflecting the bearish mood, Bitcoin is down 4.11% in 24h, while the wider crypto market is also lower. News coverage cited hotter inflation, expectations of a possible December Fed rate hike, and technology sector concerns as drivers of market pressure.
Traders said liquidations amplified the decline, with a report showing that $225.9 million in ETH long positions were forcibly closed in 24 hours.
ETH’s decline looks more like a market-wide move than an isolated Ethereum selloff. Liquidations can accelerate losses, but they reflect selling pressure, not necessarily its original cause.
U.S. spot Ethereum ETFs saw $144.8 million in net withdrawals on November 11; reported outflows through November 11 totalled about $695.9 million. This could have added to selling pressure, though the data does not establish it as the day’s main trigger.
Persistent ETF withdrawals would signal weaker institutional demand; a single flow reading does not prove causation.
The short-term bias remains bearish below $2,000. If ETH holds above $1,905–$1,920, it could retest $2,000; a break below that support risks $1,832, a level cited in market coverage. Watch ETF flow updates and the November 19 developer discussion on proposed upgrade changes.
Support holding could ease immediate pressure, but a sustained recovery would need buyers to reclaim $2,000. Crypto analysts said market wide weakness and long liquidations are the clearest explanations for ETH’s drop, with ETF outflows a possible additional drag.
unidentified holder bought 10,380 ETH for $20 million on 13 November, bringing its position to 25,498 ETH. The combined average entry price is $2,353, leaving the position with an unrealised loss of $10.48 million.
This is a cautiously positive sign of buying interest, but one anonymous holder’s purchase does not establish a broader trend. The loss also highlights the risk of continued price weakness. Nvidia Share Price Falls Amidst CEO Jensen Huang Scandal, Probe