Ethereum price prediction: Huang's exit pushes ETH below $2,000 as ETF outflows hit day five

Ether fell below $2,000 on Thursday, November 12, for the first time since August. The trigger did not come from the crypto world: Nvidia announced in the morning (US time) the immediate resignation of founder and chief executive Jensen Huang, the stock dropped as much as 10 percent in pre-market trading, and the sell-off spilled over to bitcoin and ether. On Thursday evening, one ETH cost around $2,019 or €1,827 according to CoinGecko, 3.2 percent less than 24 hours earlier. The daily low was $1,983.

What is established: the slide coincides with the Nvidia shock, the fifth straight day of outflows from US ether ETFs and rate expectations that are turning against risk assets. Our assessment follows further down: the $2,000 level is damaged but not yet lost, and it will be decided by fund flows rather than by the headline of the day. Where the price could head over a horizon of months is covered in our Ethereum price prediction.

Nvidia without Huang: what happened on November 12

Nvidia said that Jensen Huang is stepping down as chief executive, president and board member after 33 years at the top, with immediate effect. Chief financial officer Colette Kress will run the company on an interim basis until a permanent successor is found. Harvey Jones, a long-standing board member, takes over as chair. The company gave no reason for the resignation, Cryptoslate reports.

The market reaction was severe. Nvidia shares fell as much as 10 percent in pre-market trading to around $156. That put the market value at about $3.8 trillion, roughly two trillion less than at the October high of just over $5.8 trillion. Stocks linked to AI data centres fell with Nvidia: CoreWeave lost more than 13 percent, Nebius about 20 percent.

Another date hangs directly on this change at the top. According to Cryptoslate, Nvidia reports quarterly results on November 17, for the first time with an interim CEO at the microphone. A weak outlook would give fresh fuel to the debate about the valuation of AI stocks.

AI stocks and crypto: how the Nvidia shock spreads to ether

Ether has nothing directly to do with graphics chips, yet both markets have been moving strikingly in step for months. The reason lies with the buyers. Many large holders of crypto, meaning hedge funds, asset managers and leveraged retail investors, are also heavily invested in technology stocks. When a heavyweight like Nvidia slumps, the value of their collateral falls. Anyone invested on credit has to cut positions, and what gets sold first is what trades around the clock and is easy to turn into cash: bitcoin and ether.

The second channel runs through sentiment. The resignation hits the company that, like no other, stands for the AI boom. Anyone doubting whether the high valuations will hold reduces risk across the board, and crypto ranks high on the list of what is sold first. Bitcoin also fell to its lowest level since August on Thursday and traded at around $71,900 in the evening, down 3.5 percent in 24 hours.

Ether usually reacts more strongly than bitcoin in such phases. Over seven days, ETH lost 11.1 percent according to CoinGecko, bitcoin just under 6 percent. Over 30 days, ether is down almost 20 percent. That leaves the price around 59 percent below its all-time high of $4,946.

Ether ETFs: $144.8 million in outflows on the fifth day in a row

The Nvidia shock hit a market that was already weakened. The eleven US spot ether ETFs lost a net $144.81 million on Wednesday, November 11. That is shown by SoSoValue data broken down by Tokenpost. It was the fifth consecutive trading day of outflows, a streak that began on November 5. None of the funds recorded inflows that day.

BlackRock accounted for most of it. The iShares Ethereum Trust (ETHA) alone lost $129.78 million, around 90 percent of the total. It was followed by BlackRock's ETHB with $5.35 million, Bitwise ETHW with $4.76 million, Fidelity FETH with $4.14 million and Franklin EZET with $0.79 million. Assets under management across all ether ETFs fell to $11.65 billion, equivalent to 4.58 percent of ether's total market value. Since their launch in summer 2024, net inflows into the products still stand at $11.59 billion.

How an ETF outflow affects the price is quickly explained. When an investor redeems ETF shares, the issuer has to sell the corresponding amount of ether or hand it to a trading partner who sells it on the spot market. Every day of outflows therefore means real selling pressure on the blockchain side, not just an entry in a brokerage account. According to Farside Investors figures analysed by crypto.news, the five days of the streak add up to $523.9 million. Since the start of the month, the total is $695.9 million; the only day with inflows in November was November 4, with $53 million.

Since yesterday: ether drops from $2,086 to around $2,020

On Wednesday evening, the picture still looked friendlier. In our Ethereum analysis of November 11, ether stood at $2,086, and ETF outflows had shrunk to $1.32 million on November 10. That allowed cautious hope that selling pressure from the funds was easing. That hope lasted one day.

Three things have changed since then. First, a large outflow returned on November 11 at $144.81 million, more than a hundred times as much as the day before. Second, ether broke below the zone between $2,005 and $2,060 that we had named as first support on Wednesday, and only found buyers at $1,983. Third, the resignation at Nvidia has added an outside risk that nobody had on the radar on Wednesday. The $2,260 level, which we had described as the hurdle for a genuine trend reversal, is therefore further away than before: around 12 percent above the current price.

Ethereum Foundation and whales: who has been selling ETH

Besides the funds, traders are watching two groups in particular. An address attributed to the Ethereum Foundation sold another 1,000 ETH on November 10 after a 14-day pause, according to on-chain analyst Ai Yi, at a price of around $2,131, about $2.13 million in total. The address still holds just over 24,000 ETH afterwards. Whether the sales are part of a fixed plan by the foundation has not been confirmed. The amount is small relative to daily trading volume, but it weighs on sentiment because it shows that even the foundation behind the project is selling ether at these prices.

On the other side are buyers. According to an analysis by Lookonchain, an address known as “7 Siblings” bought around 10,792 ETH at about $2,038 early in the week. At the same time, another large holder sold 6,532 ETH at an average of $2,085, realising a loss of about $3.1 million. The large addresses are therefore divided, and that fits a price that has been swinging around the round $2,000 mark for days.

Fed meeting on December 9: the rate hike as a second burden for ether

The US central bank provides the backdrop to the nervousness. Since October consumer prices came in higher than expected at 0.4 percent month on month, futures markets have been pricing a probability of more than 90 percent, according to FXStreet, that the Fed will raise rates by 0.25 percentage points at its meeting on December 9. Rising rates make credit more expensive, support the dollar and make safe assets such as government bonds more attractive. For assets without a running yield, such as ether, that is a headwind.

US producer prices for October follow on Friday, November 13. If they also come in high, expectations of a rate hike are likely to firm up. If they stay below forecasts, ether would have a reason for a rebound that has nothing to do with Nvidia.

ETH levels: the decision falls between $1,875 and $2,100

Chart analysis provides a clear grid. According to an analysis by crypto.news, the next resistance on a daily basis is at $2,031, then at $2,100 and $2,187. Below, the next support is only at $1,875, around 7 percent below the evening price. Trader Merlijn The Trader calls the $2,000 to $2,100 zone the line that decides between a bull and a bear market. Ether is currently trading right at its lower edge.

The weekly moving averages also show how far the way up is. The 20-week average stands at $2,236, the 50-week average at $2,282 and the 200-week average at $2,560. All three are above the current price. A moving average is the mean of closing prices over a fixed period; if the price is below it, the broader trend is considered to be pointing down.

Liquidation zones matter for short-term swings. The CoinGlass heatmap shows larger clusters at $2,150 and between $2,250 and $2,270, and on the downside a zone around $1,980. A liquidation is the forced closure of a leveraged position whose collateral is no longer sufficient. When the price runs into such a zone, the forced sales or purchases often trigger a fast move in the same direction. As early as November 9, more than $462 million in ether positions were liquidated within 24 hours according to CoinGlass, around $425 million of them on the long side.

Scenarios for ether: recovery to $2,250 or a test of $1,875

In favour of a recovery is the fact that Thursday's decline came from outside. The weekly Chaikin Money Flow, a measure of whether money is flowing into or out of a market, stood at plus 0.10 according to crypto.news despite the price drop. If ether can reclaim $2,100, the way would be clear towards the liquidity zone at $2,250, a gain of around 12 percent. That would require producer prices without a nasty surprise and an end to ETF outflows.

Fund flows and the rate decision argue against a quick recovery. If outflows continue and ether closes below $1,983 for several days, the support at $1,875 comes into view. Additional pressure looms if Nvidia's results on November 17 disappoint and technology stocks keep falling.

Our assessment: the break below $2,000 is a warning signal, but not yet a trend break. What is established is that the funds have been net sellers for five days and that the price is below all three weekly averages. For us, it follows that a daily close above $2,100 is needed before one can speak of a reversal. Only one argument of weight speaks against this, namely the positive money flow indicator. This assessment is not a recommendation to buy or sell; like any cryptocurrency, ether can fluctuate sharply, up to a total loss.

If you trade with leverage, take the liquidation zones above seriously. How gains on ether are taxed depends on the country you live in; tools that document your trades are listed in our comparison of crypto tax software.

Ethereum at $2,020: without ETF inflows, $2,100 remains the ceiling

1. Check where you buy: If you buy ether directly, choose a provider with a MiCA licence. Which exchanges have one is shown in our comparison of regulated crypto exchanges.
2. Limit leverage: When liquidation zones are only 5 to 10 percent away, low leverage is the most important protection. Our overview of perp DEX platforms compares the terms and safety rules of decentralised trading venues.
3. Don't leave ether idle: If you hold for the long term, you can stake ether. Our staking comparison sets the providers' yields side by side.

(As of November 12, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)