The Ethereum price is struggling to regain the $2,000 level as selling pressure continues to weigh on the broader market. Persistent outflows from spot Ethereum ETFs, reported sales from wallets linked to the Ethereum Foundation, and large whale transactions have added to concerns about investor confidence. The decline has also been accompanied by rising liquidations in the derivatives market, putting leveraged traders under pressure.

However, the sell-off is not the only story surrounding ETH. Network activity remains substantial, raising questions about the disconnect between Ethereum’s underlying usage and its recent market performance. With derivatives positioning weakening and institutional flows under scrutiny, can ETH stabilise and reclaim $2,000, or is another leg lower ahead?

Ethereum Faces Selling Pressure as ETF Outflows and Whale Activity Mount

Institutional withdrawals have emerged as one of the major sources of selling pressure on Ethereum. US spot Ethereum ETFs recorded approximately $695.9 million in net outflows during November, with withdrawals reported in seven of the month’s first eight trading sessions. The trend continued on November 13, when the funds registered another net outflow of around $64.95 million.  

Besides, on-chain activity has added to the concerns. A wallet identified by blockchain trackers as linked to the Ethereum Foundation sold another 2,000 ETH, worth approximately $3.87 million, on November 13. The wallet’s reported sales since October 26 had reached 6,785 ETH by that date. Lookonchain subsequently reported another 1,000 ETH sale on November 14, taking its tracked sales over the preceding five days to 5,000 ETH.

The #EthereumFoundation-linked wallet (0x5CBC) dumped another 1,000 $ETH($1.9M) an hour ago.

Over the past 5 days, this wallet has sold 5,000 $ETH ($9.92M) at an average price of $1,983.5.https://t.co/LpNlrLUUAO pic.twitter.com/lgeVlj6AfJ

— Lookonchain (@lookonchain) November 14, 2026

The wider whale activity is not entirely one-sided. One large holder reportedly swapped 16,700 ETH for approximately $30.94 million in USDT, while another whale accumulated 10,380 ETH, worth nearly $19.91 million, despite carrying substantial unrealised losses. These transactions point to different strategies among large holders rather than a uniform move towards selling. Still, the combination of sustained ETF withdrawals and sizeable ETH disposals has added to the market’s cautious sentiment as the token struggles below $2,000.  

Ethereum Derivatives Signal Further Weakness as Long Liquidations Rise

Ethereum’s derivatives market is showing that traders are becoming more cautious as the price struggles to recover. Open interest across exchanges has dropped to approximately $23.08 billion, down 3.85% over 24 hours. Besides, $241.41 million in ETH positions were liquidated over the past 24 hours, with long positions accounting for approximately 76% of the total.  

Funding rates, meanwhile, have moved close to neutral at around 0.0001%. This suggests that the earlier preference for long positions has largely faded, leaving bullish and bearish traders more evenly positioned. Futures activity remains considerably higher than spot trading, with 24-hour futures volume at approximately $47.33 billion compared with $3.10 billion in spot volume. This highlights how heavily ETH trading continues to rely on the derivatives market. 

ETH Risks Further Losses as $1,829 Support Comes Into Focus

Ethereum’s daily chart continues to show signs of weakness, with the latest decline pushing ETH further below its moving averages. The bearish alignment of the EMA ribbon reflects the loss of upward momentum. A confirmed death cross, where the 50-day EMA moves below the 200-day EMA, would add another warning that the broader trend is turning increasingly bearish.

The order blocks also highlight how sellers have been gaining ground. Instead of facing resistance at one fixed level, Ethereum has encountered successive selling zones at progressively lower prices. Each recovery attempt has struggled to move through these areas, suggesting that sellers are stepping in earlier and making it harder for buyers to regain control. The latest drop below $1,900 adds to this pressure and leaves the market looking vulnerable.

Conclusion: Can Ethereum Hold $1,829 as Selling Pressure Builds?

Ethereum is facing pressure from multiple sides, with persistent ETF outflows, reported large-holder sales and a wave of long liquidations weighing on market sentiment. The derivatives market also shows traders scaling back their positions, while the daily chart points to a weakening price structure. The successive lower order blocks suggest that sellers are defending increasingly lower levels, making a sustained recovery more difficult.

For now, $1,829 remains the key support to watch. A breakdown below this level could expose ETH to further losses towards $1,725, while a recovery above $2,000 would be an early sign that buyers are returning. However, ETH needs to overcome the overhead selling zones and improve its broader moving-average structure before the bullish outlook can gain traction. Until then, the risk of another leg lower remains.