Ethereum Price Today, 22 November 2025: ETH Holds Around $2,720 as Whales Buy the Dip and ETF Flows Flip Mixed

Key Takeaways

Ethereum price today is trading around $2,700–$2,730, with major exchanges quoting roughly $2,719–$2,719.5 per ETH and a market cap near $328 billion. ^[1]
ETH is down around 10–11% over the past week and nearly 45–47% below its late‑August all‑time high near $4,955, after a sharp mid‑week crash. ^[2]
Spot Ethereum ETFs just logged nine straight days of outflows totaling about $1.33 billion, but fresh data shows new inflows of $55.7 million as price enters a technical “danger zone.” ^[3]
On-chain data shows whales bought roughly $241 million in ETH while exchange balances fell to a 55‑month low, hinting at early accumulation despite bearish price action. ^[4]
Coinbase’s new ETH‑backed lending (borrow up to $1M in USDC without selling ETH) and oversold technical signals are feeding speculation that a local bottom may be forming. ^[5]

Reminder: This article is for information only and is not financial advice. Crypto assets are highly volatile and you can lose all of your capital.

Ethereum Price Today: ETH Stabilises Near $2.7K After a Violent Sell‑Off

As of 22 November 2025, Ethereum (ETH) is trading in the low‑$2,700s, with major trackers such as CoinMarketCap and TradingView showing prices around $2,719–$2,720, and 24‑hour volumes near $30–50 billion. ^[6]

On Kraken, ETH’s 24‑hour range has sat roughly between $2,685 and $2,800, underlining intraday volatility but also suggesting that, for now, buyers are defending the high‑$2,600 to low‑$2,700 zone. ^[7]

From a broader perspective, data from YCharts shows Ethereum at about $2,764 as of today’s daily reference price, down from $3,017–$3,117 just a few days earlier and from well above $4,000 at the end of October. ^[8] That puts ETH roughly 10–11% lower on the week and about 18–20% down over the past month. ^[9]

The low point of the current sell‑off came late this week, when:

ETH briefly crashed toward $2,671, according to an analysis from the Economic Times. ^[10]
A separate CoinCentral report cites a low near $2,625, the weakest level since July 2024 and roughly 47% below August’s all‑time high around $4,955. ^[11]

Today’s price action is essentially ETH trying to stabilise around a new, lower range after that shock move.

Why Is Ethereum Price Under Pressure Today?

1. ETF Outflows, Then a Surprise Turn to Inflows

A big part of this week’s Ethereum story has played out in spot ETF flows:

CoinCentral reports nine consecutive days of net outflows from spot Ethereum ETFs, totaling around $1.33 billion leaving these products as investors de‑risked during the correction. ^[12]
A separate analysis from AInvest estimates about $500.2 million in weekly outflows from a leading U.S. Ethereum spot ETF, while Bitcoin ETFs saw roughly $3.7 billion in net redemptions over the same period, underscoring a broader institutional exodus from crypto ETFs this November. ^[13]

However, the picture shifted slightly heading into today:

CoinPaper reports that Ethereum ETFs attracted about $55.7 million in net inflows yesterday, even as BlackRock’s flagship ETHA fund saw around $53.7 million in outflows; other issuers like Fidelity and Bitwise more than offset that selling. ^[14]

In other words, ETF flows have gone from uniformly negative to mixed but improving, even as the spot price remains weak.

2. Macro Jitters and Rate‑Cut Hopes

Macro sentiment is also playing a key role:

A live market update from 99Bitcoins notes that Bitcoin inflows have turned green again, with ETF desks finally reporting net buying after days of steady outflows. At the same time, Fed rate‑cut odds have jumped above 70%, boosting risk assets in general. ^[15]
Ethereum, though, has lagged Bitcoin’s bounce in absolute terms, with analysts pointing out that ETH’s relative stability against BTC masks a significant dollar‑denominated drawdown. ^[16]

This mix of late‑cycle macro anxiety and sudden rate‑cut optimism has produced exactly what we see today: choppy, nervous trading around key support levels.

3. “Software Bug,” Deleveraging and the Mid‑Week Crash

The most dramatic part of this week’s move – the rapid slide from above $3,000 to the mid‑$2,600s – has triggered debate over what actually caused it.

Coverage of Fundstrat’s Tom Lee highlights his view that the crash in Bitcoin and Ethereum was not primarily macro‑driven, but rather linked to a “software bug” that hit market‑making systems. According to this explanation, the bug forced liquidity providers to de‑risk, pull orders, and sell into thin markets, amplifying the drop. ^[17]
Other analysts emphasise classic deleveraging: as prices broke below key support levels, leveraged long positions were liquidated across exchanges, intensifying downside price action in both BTC and ETH. CoinCentral estimates that ETH’s sharp decline helped wipe out about $460 million in leveraged longs over two days. ^[18]

Regardless of which narrative you prefer, the outcome was the same: forced selling into a fragile order book, leaving Ethereum substantially lower – and setting the stage for today’s attempt at consolidation.

Institutional Exodus vs. Early Accumulation: A Split Market

On paper, institutional activity around Ethereum looks contradictory:

On the one hand, November has seen a “crypto ETF drought”, with AInvest documenting major outflows from both Bitcoin and Ethereum spot ETFs, including around $165 million from BlackRock’s ETHA alone. ^[19]
On the other, fresh CoinPaper data shows new ETF inflows on the very day ETH trades in what technicians call a danger zone, and whale wallets appear to be quietly absorbing supply on‑chain. ^[20]

This suggests a rotation within the investor base:

Some ETF holders and short‑term traders are clearly still cutting risk.
Simultaneously, whales and certain institutional desks appear comfortable accumulating ETH at these lower prices.

On‑Chain Data: Whales Buy $241M as Exchange Balances Hit 55‑Month Low

The most striking bullish datapoint today comes from on‑chain analytics:

A CryptoNews analysis reports that large investors (“whales”) have accumulated approximately $241.8 million in ETH during the recent downturn. That includes a so‑called “borrowed whale” wallet that added over $160 million in ETH, and a significant purchase of 17,242 ETH (about $49 million) linked to Bitmine. ^[21]
At the same time, ETH reserves on centralised exchanges have dropped to about 15.6 million coins, the lowest level in more than four years. Lower exchange balances typically indicate that investors are moving assets into long‑term storage rather than keeping them ready to sell. ^[22]

When shrinking exchange supply coincides with large, concentrated buying, it often signals the early stages of accumulation rather than capitulation – though there is no guarantee that prices must rally immediately.

Technical Picture: ETH in an Oversold “Danger Zone”

From a charting perspective, today’s Ethereum setup is tense but potentially pivotal.

1. Oversold Readings and a Broken Trend

The CryptoNews whale‑accumulation report notes that ETH is trading within a descending wedge, a pattern that often appears late in a sell‑off. The Relative Strength Index (RSI) for ETH has sunk to around 27, one of the most oversold readings of 2025. ^[23]

Meanwhile, an ETF‑flows analysis on CoinPaper stresses that ETH has:

Broken below its main daily uptrend line, and
Lost the important 0.618 Fibonacci retracement level of its previous rally,
pushing price into what the report calls a “technical danger zone” around the mid‑$2,700s, with key longer‑term support near $2,100. ^[24]

In plain English: the short‑term chart looks battered, but the severity of the drop is exactly what’s creating talk of a potential bottom.

2. Funding Rates and Derivatives

CoinCentral’s 22 November analysis points to early stabilisation in derivatives markets:

Perpetual futures funding rates on ETH are hovering near 6% annualised, up from 4% the previous week and back inside their typical range.
Top traders on OKX have increased their long exposure even as price slid from around $3,200 to $2,700, suggesting that some professional desks see value at these levels. ^[25]

Combined with oversold momentum indicators, this paints a picture of growing but cautious dip‑buying interest.

3. RSI, ETH/BTC and Market Tone

The broader crypto‑market wrap from 99Bitcoins adds a few more nuances:

ETH’s RSI is described as dipping into classic oversold territory, with heavy selling earlier in the week fading rather than accelerating. ^[26]
The ETH/BTC ratio has held its range relatively well, even while BTC itself fell sharply, which some traders interpret as a sign of underlying relative strength in Ethereum versus Bitcoin. ^[27]

So while the USD chart looks ugly, the relative performance and momentum signals are not as bleak as the raw price might suggest.

Coinbase ETH Loans: A New Fundamental Tailwind?

One concrete fundamental development this week is the expansion of Coinbase’s crypto‑backed lending program:

Coinbase has started accepting ETH as collateral for loans, allowing eligible U.S. customers (outside New York) to borrow up to $1 million in USDC without selling their ETH. ^[28]
Previously, this product was only available for Bitcoin, with more than $1.27 billion in BTC‑backed loans issued to around 16,000 customers. ^[29]

The implications for Ethereum are subtle but important:

Long‑term holders now have an additional reason to hold rather than sell their ETH, because they can unlock liquidity while keeping upside exposure.
If ETH‑backed lending scales, it could boost effective demand by making ETH more useful as collateral in both CeFi and, indirectly, DeFi.

CoinCentral specifically highlights this expansion as a potential catalyst for a medium‑term recovery, with some derivatives metrics already hinting at growing confidence in a move back toward $3,200 if a bottom is indeed forming. ^[30]

Ethereum Price Outlook: Key Levels to Watch

Based on today’s mix of technical and on‑chain data, analysts are broadly watching three zones:

Immediate Support: ~$2,630–$2,700
- Multiple analyses flag the $2,630 area as the current demand zone, where candles show long lower wicks – a sign that sellers are struggling to push ETH much lower. ^[31]
- Holding above this region keeps the “oversold bounce” narrative alive.
Recovery Targets: $2,900–$3,214 (and up to $3,300)
- CryptoNews outlines a potential rebound path toward $2,900–$3,060, followed by a retest of the wedge’s upper boundary near $3,214, if buyers defend the current support zone and ETH can close above its short‑term moving averages. ^[32]
- CoinCentral and other forecasters add $3,300–$3,373 as higher resistance levels where previous rallies stalled. ^[33]
Deeper Bear Case: $2,500 and $2,100
- Economic Times warns that a decisive break below nearby support could open $2,700 and then $2,550, while CoinPaper’s “danger zone” mapping points to $2,100 as a deeper, but still technically plausible, downside target if selling resumes and ETF flows turn negative again. ^[34]

In short, today’s Ethereum price around $2,700 sits right on the fault line between a local‑bottom‑and‑bounce scenario and a second leg lower.

What This Means for Traders and Long‑Term Holders

For short‑term traders, today’s setup is all about volatility and timing:

ETH is oversold on multiple timeframes, with whale accumulation and shrinking exchange balances hinting at a potential bottoming process. ^[35]
At the same time, the broken uptrend, the ETF “danger zone”, and the possibility of further macro shocks mean that sharp rallies can still fail, and stops can be hit quickly. ^[36]

For long‑term investors, the story is more about structural positioning:

Ethereum remains the second‑largest crypto asset, with a circulating supply around 120–121 million ETH and a market cap in the high‑$320 billions. ^[37]
The expansion of ETH‑backed lending, ongoing layer‑2 and account abstraction work, and persistent whale accumulation suggest that fundamental conviction has not disappeared, even if price is deep in correction territory. ^[38]

However, none of this guarantees a quick recovery. A sustained bounce will likely depend on:

ETF flows shifting decisively back into net inflow territory,
Macro conditions actually delivering on today’s rate‑cut hopes, and
ETH price reclaiming and holding above the $2,900–$3,000 zone.

Final Word

On 22 November 2025, the Ethereum price today tells a complex story:

A token trading near $2,700 after a bruising week,
A market torn between institutional outflows and whale‑driven accumulation,
And a chart stuck in a technical danger zone, even as some indicators flash early bottoming signals.

Whether this becomes the launchpad for a recovery or just a pause before further downside will depend on how those forces resolve over the coming days and weeks.

Whatever your view, manage risk carefully, do your own research, and remember: in crypto, capital preservation comes before chasing the next big move.