Ethereum Sinks Below $2,000 as Inflation Data Spurs Liquidation Wave

Market mover Bearish bias Nov 13, 2026, 15:48 UTC

Oliver HayesMarket Risk Analyst · ForexR analyst

Ethereum sits below $2,000, falling 4.94% on the day following hot US PPI inflation data. The daily, H4, and H1 trends align to the downside, with price pressing toward S3 support.

Ethereum Slides Below $2,000 Threshold

Ethereum (ETH/USD) trades at 1917.69 during the London and New York overlap, positioned directly between the S3 pivot at 1896.7 and the S2 pivot at 1939.41. The nearest support level is S3 at 1896.7, located $20.99 beneath the current market price, while the nearest resistance stands at S2 at 1939.41, resting $21.72 above the current price. Trend indicators show complete alignment to the downside across multiple timeframes. The daily trend reads as down, matching the bearish state seen on both the H4 and H1 charts.

Price action registers a decline of 4.94% on the day, translating to a dollar drop of $99.65. The intraday range covers $108.18, spanning from a day high of 2017.34 down to a day low of 1909.16. This daily move represents a substantial expansion in volatility, coming in at 1.1 times the 14-day average true range of $94.15. The day open printed at 2017.34, matching the previous close of 2017.34.

Technical Landscape and Previous Day Performance

Looking at the broader technical landscape, Ethereum sits firmly below the daily 200 EMA at 2297.76, while the daily RSI prints an oversold reading of 28.2. Shorter-term moving averages underscore the selling pressure, with the H1 20 EMA at 1961.77 and the H1 50 EMA at 1999.97 trailing above the current price. On the H4 chart, the 20 EMA rests at 2021.7, and the 50 EMA is positioned at 2109.82. The daily 20 EMA sits at 2224.13, while the daily 50 EMA is tracked at 2331.82.

The 5-day extreme levels highlight the recent downward trajectory, spanning from a 5-day low of 1982.13 to a 5-day high of 2242.74. Performance over this window shows a decline of 14.28%. Over the larger 20-day window, Ethereum records a 20-day low of 1982.13 and a 20-day high of 2445.67, with the 20-day performance registering a drop of 19.58%.

During yesterday's session, Ethereum printed a high of 2063.84 and a low of 1982.13, resulting in a dollar range of $81.71. Yesterday's open was recorded at 2053.79, before price settled at yesterday's close of 2017.4. The current day low of 1909.16 has pushed past the previous day low of 1982.13.

Hotter PPI Data and Escalating Long Liquidations

Headlines trace today's bearish momentum to hotter US PPI inflation data and rapid derivatives liquidations, as reported by Crypto news and Tokenpost. Technical coverage from CryptoPotato and FXEmpire centers on the breakdown below the 2000 support level, exploring the downside risks following the loss of this psychological threshold. Meanwhile, Crypto Economy notes discussions of a structural shift toward a store of value model amid the ongoing volatility. Cryptonews also highlights developments regarding quantum upgrades alongside treasury leverage pressures.

Media mood reflects this clear downside pressure, with the independent opportunity read on ETH/USD scoring at -26 for a bearish tone. Alerts indicate this sentiment shifted dramatically, dropping from a bullish reading of 27 down to a bearish -42 within a 24-hour window.

Key Technical Levels and Downside Risks

With price action pressing lower, a break below the S3 trigger at 1896.7 would open the way to the next round number at 1850. This bearish scenario requires a downward move of $46.7 from the trigger to the target. A move back above the daily pivot at 2021.12 would invalidate this bearish outlook. Additional context comes from the nearest round numbers, which sit below at 1900 and above at 1950.

Looking ahead in the calendar, event risk is scheduled around a series of Federal Reserve speakers. Fed's Bowman speaks today at 15:50 UTC, followed by Fed's Daly today at 17:00 UTC. Fed's Jefferson is scheduled to speak tomorrow at 00:00 UTC.

What Would It Take for ETH to Regain Bullish Momentum?

For buyers attempting to reverse the current downward trend, a break above the R1 trigger at 2060.12 would open the way to R2 at 2102.83. This bullish path targets an upside move of $42.71 from the trigger level. A move back below the daily pivot at 2021.12 would invalidate that view. Any upward progress must first clear the nearest resistance at S2 at 1939.41, followed by the daily pivot at 2021.12.