Ethereum fell to $2,003 on Coinbase on November 10, its weakest price since August 19, after October US inflation data came in hotter than expected. It closed the session at $2,050.58, almost 4% below the open. Crypto sessions close at midnight UTC.
On the morning of November 11 the price has barely moved. At around 11:10 a.m. Italian time Ethereum was trading at $2,051, in a narrow band between $2,041 and $2,071.
The rebound has not arrived, and the past few weeks are starting to hurt. From the high of $2,807 reached on September 21, the loss is close to 27%. As recently as November 4, Ethereum closed at $2,422 after the jump that followed the midterm elections; it has given up roughly 15% since then.
US inflation revives fears of a rate hike
The push came from October consumer price data published on November 10 by the Bureau of Labor Statistics. The headline index rose 0.4% on the month and the core measure, which strips out food and energy, rose 0.3%. Both came in a tenth of a point above the consensus estimates reported by the trade press.
There is a statistical quirk too: the BLS cannot publish a year-over-year comparison this time, because the October 2025 data were never collected during the federal government shutdown.
For markets, the point lies elsewhere. Inflation that refuses to slow makes a Federal Reserve rate hike more likely as soon as the December meeting, and expectations firmed up after the release. Higher rates and a stronger dollar are an unfavorable backdrop for an asset with no cash flows. The same dynamic, together with comments from Fed governor Christopher Waller, pushed the Australian dollar lower on November 10.
Monetary policy has weighed on the cryptocurrency before in recent weeks. In late October, the combination of the Fed and ETF flows already capped the price.
ETF outflows and liquidated long positions
The second factor is institutional. US-listed spot Ethereum ETFs saw net outflows of roughly $184.6 million on Monday, November 9, the third consecutive session of withdrawals, according to data from Farside Investors and CoinGlass cited by several specialist outlets. The largest share came from BlackRock’s fund (ETHA), with redemptions of about $119 million.
Leverage does the rest once the price breaks levels traders consider solid. In the 24 hours between November 10 and the morning of November 11, roughly $258 million in Ethereum derivatives positions were liquidated, according to CoinGlass, about three quarters of them bullish bets closed out automatically. The same mechanism amplified the crash on the evening of Sunday, November 8, when nearly half a billion dollars in liquidations piled up. Forced selling feeds more selling.
One smaller detail has traders’ attention, more for the signal than the sums involved. On-chain analytics firm Lookonchain reports that a wallet linked to the Ethereum Foundation sold 1,000 ETH on November 10 and another 1,000 on November 11, worth about $4 million in total. That is a drop in the ocean next to market volumes, but it does nothing for the mood.
The technical picture: everything hinges on $2,000
On the chart, $2,000 is both a psychological level and a technical support. It held on November 10, but only just. A daily close below it would put the $1,900 area in play, last touched on August 19 (a low of $1,904.50 on Coinbase).
The price remains below its 200-day moving average, which sits at around $2,154 according to the technical analysis on our quote page, and far below the 50-day average near $2,456. Any talk of a recovery would need a move back above the $2,130-$2,150 area, where the November 10 decline began.
The oscillators describe a market that is already heavily sold. The 14-day RSI is around 30, the threshold that usually signals oversold conditions. That is not a reversal signal, but it helps explain why the price bounced straight back from $2,003 on November 10.
What comes next
October’s decline had already fueled debate about the cryptocurrency’s prospects, as we set out in our piece on why the price of Ethereum fell 14% in a month and what analysts expect. The slide has deepened since, and the macro calendar offers no respite. US producer prices for October are due on Friday, November 13, at 2:30 p.m. Italian time (8:30 a.m. ET), the other piece of the puzzle the Fed will examine before deciding in December.
Another hot reading would make $2,000 harder to defend. A downside surprise could give a technical rebound room to breathe. With ETFs still bleeding money, though, any rebound would remain far from confirmed.
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Editor’s note
This article was originally published in Italian on money.it by Ufficio Studi Money.it on November 11, 2026 as «Ethereum a un passo dai 2.000 dollari: l’inflazione Usa e i deflussi dagli ETF frenano il rimbalzo». It has been translated and adapted for an international audience by the Money.it International desk.
