Ethereum’s native token, Ether (ETH), fell below $2,000 on Friday, November 13, 2026, as a broad sell-off swept the crypto market. At the time of writing, ETH traded at $1,922.16, down 5.7% over 24 hours. About $259 million in leveraged ETH positions were forcibly closed within a day, most of them bets that prices would rise.
The drop followed a string of developments outside crypto. Nvidia’s chief executive resigned. US inflation data strengthened expectations of a Federal Reserve (Fed) interest rate hike in December. Oil prices rose on renewed uncertainty over Iran. At the same time, US spot Ether exchange-traded funds (ETFs) recorded another round of withdrawals, leaving less steady buying to absorb the selling.
If Fed hikes in December, higher rates could suppress Ether demand, extending price weakness into early 2027.
Continued outflows from US spot Ether ETFs may limit institutional support, amplifying volatility during future market shocks.
Heavy leveraged long liquidations reveal fragile market depth, increasing risk of cascade drops if liquidity further thins.
Ethereum Price Falls 5.7% to $1,922
According to CoinGecko data, ETH traded at $1,922.16. Its 24-hour range ran from a low of $1,915.12 to a high of $2,051.05, a swing of about 6.6%. Ether’s market capitalization, the total value of all coins in circulation, stood at $235.27 billion, and 24-hour trading volume reached $13.26 billion.
The price chart shows ETH holding between roughly $2,000 and $2,020 through most of Thursday’s US trading session and the overnight hours. The sharpest leg came in early Asian trading on Friday, between about 02:30 UTC and 04:00 UTC, when Ether fell from around $2,010 toward $1,930.
The decline took Ether to its weakest level since August. Even so, Ether rose 0.8% against Bitcoin (BTC) to 0.02797 BTC, which means it fell slightly less than the largest cryptocurrency. Bitcoin dropped 6.8% to $68,663 over the same period.
$259 Million in ETH Liquidations, 90.7% From Longs
A liquidation happens when an exchange forcibly closes a leveraged trade because the trader’s collateral can no longer cover losses. A long position profits when prices rise, and a short position profits when prices fall. When many longs are liquidated together, the forced selling can push prices lower and trigger more liquidations.
According to CoinGlass data as of 05:27 UTC on November 13, ETH positions worth $259.12 million were liquidated over 24 hours. Long positions accounted for $234.91 million, or 90.7%, while shorts made up $24.21 million, or 9.3%. Ether had the second-largest liquidation total after Bitcoin, which recorded $782.06 million, and accounted for about 17.6% of the market-wide figure.
Across the crypto market, liquidations reached $1.47 billion in 24 hours, affecting 175,350 traders. More than half of that total, $797.84 million, came in the four hours before the snapshot, which shows how concentrated the forced selling was.
The largest single liquidation was a $31.09 million long position on Hyperliquid’s BTC-USD pair, closed at $72,250. Binance accounted for 36.6% of all liquidations, the largest share of any exchange.
Leverage in the Ether market remains high. Open interest in ETH perpetual futures, the total value of outstanding contracts that have no expiry date, stood at $24.64 billion according to CoinGecko. That is roughly 10.5% of Ether’s market capitalization, a level at which sharp price moves can set off large waves of forced selling.
Why Is Ethereum Price Down Today?
1. Nvidia CEO Jensen Huang Resigns, Tech Stocks Slip
Nvidia’s board accepted the resignation of co-founder Jensen Huang as president, chief executive officer, and board member on November 11, effective immediately, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC). Chief Financial Officer Colette Kress was appointed interim CEO and will keep her CFO role while the board searches for a permanent successor. The company announced the change on November 12 and did not give a reason for Huang’s departure.
Nvidia shares fell 4.3% on Thursday, while the S&P 500 dropped 0.4% to 7,592 and the Nasdaq 100 lost 0.3%, according to a Saxo market note. Traders also turned to crypto venues for exposure. Nvidia perpetual futures on Hyperliquid recorded more than $2 billion in 24-hour volume on the day of the announcement.
Crypto has often moved in step with technology stocks. Leadership uncertainty at a company central to the artificial intelligence (AI) trade weighs on broader risk appetite. Nvidia is scheduled to report its third-quarter fiscal 2027 results on November 17, as stated in its CEO transition announcement.
2. Hot US Inflation Lifts December Fed Rate Hike Bets
The Consumer Price Index (CPI) tracks changes in the prices consumers pay for goods and services. According to the US Bureau of Labor Statistics (BLS), it rose 0.4% in October on a seasonally adjusted basis, above the 0.3% economists had expected. Core CPI, which excludes food and energy, rose 0.3% against a 0.2% forecast. The BLS did not publish a year-over-year figure because the 2025 government shutdown prevented it from collecting October 2025 price data.
The report, released on November 10, triggered $723.67 million in crypto liquidations the following day. Before the data came out, Fed Governor Christopher Waller had said a half-point rate hike should be considered in December if core inflation stayed hot. On November 12, New York Fed President John Williams said in London that “we still have a lot of work to do” on inflation, according to Bloomberg.
The Fed’s target range for its benchmark rate stands at 3.75% to 4.00%, after the central bank held rates steady on October 28. The Federal Open Market Committee (FOMC), the Fed’s rate-setting body, next meets on December 8 and 9. According to the same Saxo note, markets are pricing in about 88 basis points of cumulative Fed tightening by mid-2027, up from 78 basis points before the CPI release. One basis point equals 0.01 percentage point.
Higher interest rates raise the returns on cash and bonds and make borrowing for leveraged trades more expensive. That tends to reduce demand for assets such as Ether that pay no fixed yield.
3. Oil Prices and Iran Uncertainty Keep Inflation Risk Alive
Brent crude, the global oil benchmark, traded below $96 a barrel on Friday after largely holding a 3.3% gain from Thursday. The gain came after President Donald Trump said the US could forgo a deal with Iran, Bloomberg reported. Asian stocks also erased early gains, and regional bonds slumped ahead of US producer price data.
Higher energy prices feed into inflation, which strengthens the case for tighter Fed policy. Saxo also noted that the US dollar strengthened across the board as Treasury yields rose. A stronger dollar and higher bond yields tighten financial conditions and have historically weighed on crypto prices.
4. Spot Ether ETF Outflows Extend Into November
Spot Ether ETFs are regulated funds that hold ETH directly and trade on US stock exchanges, giving investors exposure through ordinary brokerage accounts. Their daily flows are widely tracked as a measure of institutional demand.
According to Farside Investors data, US spot Ether ETFs recorded $144.8 million in net outflows on November 11, the latest completed session available at the time of writing. BlackRock’s iShares Ethereum Trust (ETHA) accounted for $129.8 million of the total. The withdrawals extended the outflow streak to five straight sessions, totaling $523.9 million. November’s net outflows reached $695.9 million through November 11, with November 4 the only day of inflows, at $53 million.
The pressure follows a heavy October, when the funds recorded $1.61 billion in net outflows, their largest monthly outflow since launch. Continued redemptions mean less steady institutional buying is available to absorb selling when prices fall.
5. Shrinking Crypto Liquidity and Lingering Risk Events
Liquidity inside the crypto market has also thinned. Stablecoin supply fell by $14.2 billion over the past 30 days, its fastest decline since June 2022, according to Glassnode data. Stablecoins are tokens pegged to currencies such as the US dollar, and traders often use them to buy crypto, so a shrinking supply can signal weaker buying power.
The market is also still absorbing the aftermath of Binance’s $6.3 billion hack on October 29, which the FBI attributed to North Korean hackers.
What Ethereum Traders Are Watching Next
The next major data point is the October Producer Price Index (PPI), which measures changes in the prices US producers receive for their goods and services. The BLS will publish it on November 13 at 8:30 a.m. ET (13:30 UTC), according to its release schedule. Another hot reading could reinforce December rate hike expectations, while a softer print could ease some pressure on risk assets.
Other upcoming events include:
- US spot Ether ETF flow data for November 12 and November 13
- Nvidia’s third-quarter fiscal 2027 earnings on November 17
- The FOMC meeting on December 8 and 9
On the chart, traders are watching whether ETH can reclaim the $2,000 level or whether it breaks below the 24-hour low of $1,915.12.
The Bottom Line
Ethereum fell 5.7% to $1,922 as several pressures arrived at once. Nvidia’s CEO resignation hit technology stocks, hot inflation data lifted bets on a December Fed rate hike, higher oil prices kept inflation risk alive, and spot Ether ETFs kept losing money. Leverage made the move worse: about $259 million in ETH positions were liquidated, more than 90% of them longs.
The long-heavy liquidations show that a large share of overextended bullish bets has already been cleared. Whether Ether stabilizes now depends on whether spot demand from ETFs returns and how Friday’s PPI data shifts expectations for the Fed’s December decision.
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Disclaimer: The information researched and reported by The Crypto Times is for informational purposes only and is not a substitute for professional financial advice. Investing in crypto assets involves significant risk due to market volatility. Always Do Your Own Research (DYOR) and consult with a qualified Financial Advisor before making any investment decisions.