Ether Breaks Below $2,000 During Session Before Recovering as Liquidations Reach $222 Million
Key Facts
Ether fell to $1,996.52 during U.S. morning trading on Thursday, November 12, marking its first trade below $2,000 since August 19, before recovering to $2,024.04 by mid-afternoon in Europe. An Investing.com report linked pressure on risk assets to a shock in AI stocks after Nvidia announced the resignation of its chief executive, Jensen Huang, at 8:59 a.m. Eastern Time. Within one hour of breaking the level, cryptocurrency liquidations reached $222 million, including $217 million in long positions. Ether positions accounted for about $59 million of that hour’s liquidations. EL7 data showed ether closed at $2,019.74 on November 12, above the $2,000 threshold, after closing at $2,056.36 the previous day.
Thursday’s move came a day after U.S. spot ether exchange-traded funds recorded net outflows of $144.8 million on November 11, according to Farside Investors data. BlackRock’s ETHA fund accounted for $129.8 million of the net outflows that day. The withdrawals added pressure to investment demand as the price was testing a key psychological level. But the flow data covered the November 11 session, while the break and recovery occurred during trading on November 12. In the latter session, long positions accounted for most of the liquidations recorded over the hour, representing $217 million of the $222 million total in the cryptocurrency market.
The decline extended to U.S. stocks on November 12, with the S&P 500 ending the session down 0.4% and the Dow Jones falling 189 points, or 0.4%. The Nasdaq also declined 0.4% after paring an early loss of 1.6%, according to the Associated Press. Nvidia shares fell 14% at the open following news of Huang’s resignation, then pared losses to end the session down 4.3%. By contrast, AMD shares rose 5.9%, and Broadcom gained 5.5%. The moves showed mixed performance among semiconductor stocks during the session, despite selling pressure on indexes and risk assets.
Ether’s decline extended beyond a single day; the Investing.com report said it was down 16% since November 5, when it reached $2,370.54, and had lost 19.9% over 30 days compared with $2,543.67 on October 12. On a year-over-year basis, it was down 40.3% from $3,413.97 in November 2025. The report said the cryptocurrency had lost 16% in November through the 12th and 32% since the start of the year. These comparisons place the test of the $2,000 level within a broader decline across different time horizons. Even so, the November 12 close recorded by EL7 data remained above that level.
On institutional demand, the report said Bitmine bought 9,587 ether during the week ended November 9, bringing its holdings to 6,070,092 ether. This points to continued corporate treasury purchases during the same period that exchange-traded ether funds faced outflows, with the two sources of demand differing in origin and timing. The report identified $1,828 as the next support level if corporate treasury buyers pulled back from purchases near $2,000. That level was part of the report’s assessment of price zones that could follow a decline in demand, rather than an outcome recorded in Thursday’s session. In the near term, the U.S. October Producer Price Index was scheduled for release on November 13 at 8:30 a.m. Eastern Time, according to the Bureau of Labor Statistics calendar.