Ethereum (ETH) Trades Below $2,000 as Spot ETFs Log Sixth Straight Day of Outflows
Key Takeaways
- •October US producer price inflation rose 6.5% year over year, the highest reading since November 2022, pushing market odds of a quarter-point Federal Reserve rate hike in December above 89%.
- •US spot ETH exchange-traded funds recorded $70.5 million in net outflows on the latest session, marking the sixth consecutive day of redemptions.
- •MSCI will remove Strategy, the largest corporate holder of bitcoin, from its MSCI USA Index by November 30, a move JPMorgan analysts estimate could trigger $2.8 billion in outflows.
- •Technical indicators point to stretched selling, with the RSI near 25 and ether trading below its 20-day, 50-day, and 100-day moving averages, while immediate resistance sits at $1,971 and analysts flag $1,850-$1,950 as a key demand zone.
- •A whale wallet bought an additional 10,380 ETH worth about $19.91 million, raising its holdings to 25,498 ETH despite sitting on an unrealized loss of roughly $11.3 million at an average purchase price near $2,382.
Ethereum (ETH) is trading near $1,940 on Friday, according to CoinGecko, and has remained pinned below the $2,000 mark following a fresh round of United States inflation data that showed producer prices rising 6.5% year over year in October, the fastest pace since November 2022. The move comes as US spot ETH exchange-traded funds (ETFs) logged a sixth straight session of net outflows totaling $70.5 million, even as on-chain data showed a prominent whale wallet adding to its holdings.
Hot Inflation Data Supports December Rate-Hike Bets
The US Producer Price Index (PPI) rose 6.5% year over year in October, the highest reading since November 2022, though the figure came in just under the 6.6% forecast. Monthly PPI growth was 0.3%, below the 0.4% estimate. Core PPI, which excludes food and energy, matched forecasts at 5.0%.
BREAKING: October PPI Inflation rises to 6.5%, its highest level since November 2022. Core PPI Inflation was 5.0%, in-line with expectations of 5.0%. CPI, PPI, and PCE inflation continue to push higher in the US. All signs point toward a December rate hike.
— The Kobeissi Letter (@KobeissiLetter) November 13, 2026
The inflation report supported bets that the Federal Reserve will deliver a rate hike in December, with market odds of a quarter-point increase now sitting above 89%. Rate expectations matter for crypto because policy rates shape liquidity conditions across risk assets, making the December meeting one of the most closely watched calendar events for digital-asset traders.
Stocks and Fund Flows Weigh on ETH
Crypto has tracked weakness in AI-linked stocks over the past year. Nvidia CEO Jensen Huang resigned on Thursday after reports of an affair, which sparked a sell-off in that sector. The S&P 500 fell 0.4% on Friday, while the Nasdaq Composite dropped 0.9%, and ether moved lower along with them.
MSCI also said it will remove Strategy from its MSCI USA Index by November 30 — a change with read-through to crypto, since Strategy (formerly MicroStrategy) is the largest corporate holder of bitcoin and index deletions can prompt funds that passively track the benchmark to sell the removed stock. JPMorgan analysts estimate the move could lead to $2.8 billion in outflows for the firm.
US spot ETH exchange-traded funds saw $70.5 million leave on the latest session, according to SoSoValue. It was the sixth consecutive day of net outflows, and flow data is tracked closely because spot ETFs are a direct channel for institutional ether exposure — a streak of this length signals sustained net redemptions rather than a one-off move.
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— Wu Blockchain (@WuBlockchain) November 14, 2026
Ether has also slipped under the average on-chain cost basis of every wallet group. The $2,123 and $1,780 levels mark the average entry prices of wallets holding 10,000 to 100,000 ETH and more than 100,000 ETH, respectively — groups that together hold 21.6 million ETH.
Technical Picture Points to Stretched Selling
On the daily chart, price sits below the 20-day, 50-day, and 100-day moving averages, which cluster between roughly $2,200 and $2,320. The Relative Strength Index is near 25 and the Stochastic reading is around 10, both pointing to stretched selling.
$ETH is losing every support zone like it's nothing. Now, Ethereum needs to reclaim $2,000, or else it's going to $1,700. pic.twitter.com/AzeKESnk2Z
— Ted (@TedPillows) November 14, 2026
Analyst Ted Pillows said on X that ETH is losing support zones quickly, writing that Ethereum needs to reclaim $2,000 or risk a move toward $1,700.
Immediate resistance sits at $1,971, followed by $2,101 and $2,204, with a stronger barrier appearing near $2,250. If ETH cannot recover $1,971, support may come at $1,827. Below that level, traders are watching $1,706 and $1,600.
Whale Buys Despite Paper Losses
On-chain data shows large holders are still active. On-chain analytics platform Lookonchain reported that wallet 0x4cee bought another 10,380 ETH, worth about $19.91 million, bringing its total holdings to 25,498 ETH valued near $49.44 million. The wallet's average purchase price is about $2,382 per ETH, which leaves it sitting on an unrealized loss of roughly $11.3 million.
The same wallet earlier made $3.66 million in profit by buying and selling 10,500 ETH. The reason behind the latest purchase has not been stated.
Analysts Watch the $1,850–$1,950 Demand Zone
Crypto analyst DON named $1,850–$1,950 as a key demand zone, noting that the area held in both March and August. DON also outlined a possible 5% drop on the three-day chart toward $1,952, and added that a descending trendline from Ethereum's 2025 peak meets the $1,550 range floor in about 290 days.
If the zone holds, DON sees a recovery toward earlier range highs and then a longer-term target of $8,580. He said a three-day close below $1,550 would cancel that setup.
For now, ETH sits just under $2,000, with $1,971 as the first resistance and the $1,850–$1,950 zone in focus. The December Fed decision, upcoming ETF flow prints, and the November 30 MSCI rebalance round out the near-term calendar items traders are tracking alongside those levels.
This article first appeared on CoinCentral.
