Ethereum has lost support at $2,250 recently, last seen in the month of October, as the altcoin was trading at $2,126.73 at press time.
In fact, in just one month, ETH saw a drop of 15.1%. This drop and the struggle to climb to the $2500 price level have got everyone talking in the market.
Community concerns are flagging bearish sentiments around Ethereum
Starting with a known crypto analyst under the username TED, who said,
$ETH lost its $2,250 support zone and quickly dropped below $2,100. Now, Ethereum needs to reclaim that zone soon, or else it could drop below $2,000.
Echoing similar sentiments, another trader added,
The immediate support for $ETH aligns with the $2,000 psychological threshold, reinforced by the May 28 high around $1,967.
However, the founder of NowcastIQ, Andreas Steno Larsen, believes that it’s not just ETH but a broader market downturn, as he noted,
Prices are in free fall into November on everything from shipping to insurance to crack spreads, so seems like November will deliver potentially the softest inflation report on this side of Covid.
Not everyone joins the fray
Bitmine’s Tom Lee responded to ETH’s current downturn and added,
To me, the languishing of $ETH price, while disappointing is arguably more a reflection of the impatience of markets
Lee believes that investors are becoming impatient for immediate returns, even as Ethereum [ETH] continues to make steady progress in the tokenization of real-world assets (RWAs).
According to Token Terminal data, Ethereum RWA’s market capitalization has reached $20.9 billion, followed by BNB Chain at $6.2 billion and Solana at $4.8 billion.
He even quoted Vitalik Buterin’s recent view of ETH as a store of value, which further strengthens its long-term investment narrative.
Market dynamics are adding fuel to the fire, but…
However, Lee’s optimistic outlook on ETH is not fitting well into the market, as Ethereum has recorded a weak performance in November 2026, declining 5.50% so far.
CoinGlass data showed ETH had fallen 5.50% in November, 20.67% in Q4 and 28.25% year to date.
The Liquidation Heatmap further shows that $269.37 million in crypto positions were liquidated over the past 24 hours. Of this, Ethereum recorded the highest coin-specific liquidations at $63.76 million, followed by Bitcoin [BTC] at $61.42 million at press time.
At the same time, an Ethereum OG whale has moved 2,155 ETH worth approximately $4.59 million after more than 10 years of inactivity.
Moreover, US spot Ethereum ETFs have been seeing weekly withdrawals since the week ending the 9th of October to date.
Still, there is hope in the market that there could be trend reversals, as whale activity around Lido’s staked Ethereum (stETH) has surged over the past four days, reaching its highest sustained level since April, with more than 630 daily transactions worth at least $100,000.
This suggests that large investors are actively repositioning around ETH near $2,100.
Final Summary
- There is widespread panic in the crypto community as ETH dropped to $2100.
- ETFs, whale transfers, and monthly returns are all adding to the ongoing concern.