Ethereum Price Today, November 23, 2025: ETH Reclaims $2,800 as Upgrade Hype and Institutions Offset Earlier Sell-Off

Ethereum’s price today, November 23, 2025, is trading back above the key $2,800 level after a bruising month that saw ETH tumble from near $3,900 to the low $2,600s. Around midday UTC, Ethereum (ETH) changed hands near $2,815, up roughly 1.5–4% in the last 24 hours, depending on the data source. ^[1]

The rebound comes as traders focus on Ethereum’s upcoming Fusaka and Prague upgrades, stabilizing ETF flows, aggressive institutional dip-buying, new Ether-backed loans from Coinbase, and a broader shift back toward risk assets on rising expectations of a U.S. Federal Reserve rate cut. ^[2]

Ethereum price today: key numbers (November 23, 2025)

As of approximately 12:00 UTC on November 23, 2025:

Spot price: about $2,815 per ETH, up ~1.6% over the last 24 hours. ^[3]
Intraday range: roughly $2,768 – $2,852, showing buyers defending dips below $2,800 while sellers cap rallies just under $2,900. ^[4]
Market capitalization: around $340 billion, keeping Ethereum firmly in the #2 spot behind Bitcoin. ^[5]
24-hour trading volume: about $8.2 billion, signaling solid but not euphoric activity. ^[6]
7-day performance: ETH is still down roughly 7–8% from last week’s closes near $3,030–$3,120. ^[7]
Month-to-date context: From early November highs near $3,900 to lows around the mid‑$2,600s, Ethereum has absorbed a drawdown of about 25–30% before stabilizing in the $2,700–$2,800 zone. ^[8]

In other words, today’s bounce is notable but still a recovery inside a larger November correction, not a full trend reversal yet.

How ETH clawed its way back above $2,800

For much of November, Ethereum tracked a broader crypto risk-off move:

After starting the month near $3,900, ETH slid steadily, breaking the $3,000 psychological floor and then crucial support in the $2,800–$2,900 region. ^[9]
By November 20–21, daily closes near $2,770–$2,830 marked a five‑month low, with several days of −2% to −6% declines in a row. ^[10]

This flush lower coincided with:

Nine consecutive days of net outflows from U.S. spot Ethereum ETFs, totaling about $1.33 billion in redemptions. ^[11]
A sharp rotation out of risk assets as traders processed weaker macro data, elevated volatility, and fears that the crypto cycle had overheated.

However, sentiment began to shift late last week when ETF flows flipped back to a net inflow of roughly $55.7 million on November 21, led by Fidelity’s FBETH product. ^[12] This, combined with aggressive institutional dip-buying and upcoming protocol upgrades, set the stage for today’s rebound back above $2,800.

Why is the Ethereum price up today?

1. Fusaka & Prague upgrades are driving fresh optimism

One of the clearest catalysts behind today’s move is upgrade optimism. A widely covered piece of analysis notes that Ethereum has climbed about 3–4% over the past 24 hours as traders price in the upcoming Fusaka upgrade, expected around December 3, 2025. ^[13]

Key points from current coverage:

Fusaka is described as a foundational scaling step, especially for Layer‑2 (L2) networks. It is expected to introduce PeerDAS, a data-availability feature that could boost L2 data capacity by up to 10x, lowering costs and improving throughput. ^[14]
Analysts are explicitly comparing Fusaka to May’s Pectra upgrade, after which ETH rallied roughly 50% over the following period, arguing that the market may now be front‑running a similar post‑upgrade demand spike. ^[15]

Mainstream crypto outlets are reinforcing the same narrative: Ethereum has “consolidated above $2,700 and is now retesting $2,800”, with many traders framing the recent dip to about $2,680 as a local bottom ahead of December’s upgrade cycle. ^[16]

2. Institutions are quietly buying the dip

On-chain and institutional‑flow data published today paint a picture of retail fear vs. whale accumulation:

A detailed on‑chain breakdown highlights $2,800 as a “strategic support” where retail traders are selling into the dip, while whale wallets holding 10,000+ ETH have been steadily buying. ^[17]
Exchange reserves are reported to have fallen by over 1 million ETH in recent months, reducing immediate sell pressure and suggesting a rotation toward long‑term holding and staking. ^[18]
Approximately 35 million ETH is estimated to be locked in staking contracts, with one staked Ethereum ETF alone attracting around $13.1 billion in inflows since launch — effectively turning staked ETH into a “yielding digital bond” in some institutional write‑ups. ^[19]

Today’s standout headline on this front comes from BitMine, a public company deeply exposed to Ethereum:

On‑chain trackers show a wallet believed to be tied to BitMine’s founder receiving 21,537 ETH (about $59.2 million) via OTC desk FalconX on November 23. ^[20]
This follows earlier November purchases of 17,242 ETH and 110,288 ETH, even as BitMine’s shares reportedly dropped about 35% over the last month. ^[21]

In short, even as some institutions are nursing huge mark‑to‑market losses, they’re still adding ETH at these levels, reinforcing the idea that $2,600–$2,800 is attractive for long‑term accumulation, at least for large, risk‑tolerant players.

At the same time, ETF flows are showing signs of stabilisation:

After the $1.33B outflow streak, U.S. spot Ethereum ETFs logged a $55.7M net inflow on November 21, led by Fidelity’s product, suggesting cautious but meaningful capital is returning. ^[22]

3. Coinbase keeps Ethereum in the headlines

Two separate Coinbase stories are feeding into today’s Ethereum narrative.

a) Massive internal wallet migration

A widely cited report details how Coinbase moved billions of dollars’ worth of Bitcoin and Ether into new internal wallets in what the exchange called a routine security migration. Coinbase pre‑announced the move on X and stressed that the funds were not being sold, just relocated to reduce the risk of reusing old, widely known addresses. ^[23]

While Coinbase emphasized that the operation is not tied to any price view or security incident, on‑chain watchers have treated it as a potentially bullish sign, speculating that large internal reorganizations often precede institutional‑scale product launches or rebalancing.

b) Ether‑backed loans go live for U.S. users

Another article today revisits Coinbase’s new ETH‑backed loan product, launched on November 20, which lets eligible U.S. customers borrow up to $1 million in USDC against their Ether holdings without selling their coins. The loans run on Base, Coinbase’s L2 network, and use Morpho as the underlying lending protocol. ^[24]

The significance for Ethereum price dynamics:

It turns ETH into productive collateral for a mainstream audience, potentially increasing demand for holding ETH rather than selling during volatility.
It strengthens the link between centralized exchanges and on‑chain DeFi, a theme that tends to attract institutional attention when combined with ETF and staking products.

Together, these Coinbase stories add to the sense that Ethereum is increasingly central to the infrastructure of crypto finance, even as prices remain below prior highs.

4. Macro tailwinds: Fed cut odds boost risk appetite

Macro context is also supportive today:

Coverage of the broader crypto market notes that a weak U.S. jobs backdrop and dovish comments from New York Fed President John Williams have pushed futures‑based odds of a near‑term Fed rate cut above 70%, up from around 40% only days ago. ^[25]
Bitcoin has retested the mid‑$80,000s, while Ethereum has rebounded from sub‑$2,700 to retest $2,800, as traders rotate back into risk assets on the prospect of cheaper money. ^[26]

If those expectations persist, liquidity conditions could remain a tailwind for ETH and other large-cap cryptos — but any surprise from the Fed could quickly reverse today’s gains.

Today’s biggest Ethereum‑related headlines (November 23, 2025)

Here’s a snapshot of key ETH‑linked stories dated or updated on November 23, 2025:

“Crypto Today: BTC Retests $85k, ETH Tests $2.8k” (99Bitcoins) – Describes Ethereum consolidating above $2,700 and retesting $2,800, highlighting heavy liquidation zones between $3,100 and $3,600 and framing the current move as a bounce from an oversold cluster rather than a full trend reversal. ^[27]
“Ethereum Updates Today: BitMine Continues to Gather ETH Despite Stock Drop” (Bitget) – Details how BitMine’s wallet has accumulated over 149,000 ETH in November, including today’s 21,537‑ETH purchase, even though BitMine’s stock is down more than 35% in a month. Analysts frame this as a signal of institutional confidence in Ethereum’s long‑term outlook. ^[28]
“BitMine’s Ethereum Fiasco Rings Alarm Bells for Crypto Management” (CryptoRobotics) – In contrast, this long‑form piece argues that Ethereum’s earlier plunge has created an estimated $4 billion setback for BitMine, warning that over‑concentration in volatile assets can devastate corporate treasuries. It’s being widely cited as a cautionary tale about risk management, even while BitMine keeps buying ETH. ^[29]
“Whale Loses Big: $61 Million Vanishes as Ethereum and XRP Longs Collapse” (Pintu) – Covers a trader dubbed the “Anti‑CZ Whale”, who reportedly saw more than $61 million in unrealized profits erased over ten days as leveraged long positions in ETH and XRP were hit by the market correction. The article flags $2,650 as a critical weekly support for Ethereum, with potential downside toward $2,300–$2,400 if that level fails. ^[30]
“Crypto News: Coinbase Moves Large Stash of Bitcoin and Ether to New Wallets” (The Coin Republic) – Breaks down Coinbase’s multi‑billion‑dollar internal wallet migration, reiterating that the exchange views it as routine security hygiene, even as some traders interpret it as a bullish signal for future activity. ^[31]
“XRP Price Prediction 2026: XRP Forecast After Coinbase Launches ETH Loans” (CoinCentral) – While focused on XRP, this feature emphasizes that Coinbase’s Ether‑backed loans, launched November 20, are a signal that institutional‑grade DeFi is going mainstream, with over $1.25 billion in loans originated and about $810 million outstanding on Coinbase’s on‑chain lending stack so far. ^[32]

Collectively, these stories show two competing narratives: on one side, big losses and forced liquidations; on the other, persistent institutional accumulation and expanding ETH‑centric infrastructure.

Risks: leverage, key supports, and what could go wrong

Despite today’s green candles, Ethereum’s downside risks remain front and center in the latest analysis:

The “Anti‑CZ Whale” liquidation story underscores how quickly leveraged positions can be wiped out, even for sophisticated traders. Forced selling has pushed volumes sharply higher, a hallmark of capitulation‑style moves that can either signal a bottom or precede another wave down. ^[33]
Technical coverage from multiple outlets points to $2,650–$2,700 as a make‑or‑break support zone. A decisive break below could “unlock” the $2,300–$2,400 region, which acted as a major accumulation band in prior cycles. ^[34]
Analysts also warn that the $3,100–$3,600 range is now packed with liquidation clusters and overhead resistance, meaning any sharp rally back into that zone could run into heavy selling from trapped longs. ^[35]
Macro risk hasn’t vanished: projections of a Fed rate cut are just that — projections. A surprise change in inflation data or Fed messaging could flip sentiment and send ETH back through support.

In addition, the BitMine case is being used in several reports as a reminder that massive ETH exposure can be devastating if not hedged, especially for companies whose share price and treasury health both hinge on a single volatile asset. ^[36]

Key Ethereum price levels to watch in the short term

Based on today’s coverage, traders are laser‑focused on a few critical zones:

$2,650: Highlighted as key weekly support. Losing this area convincingly opens the door to the $2,300–$2,400 region. ^[37]
$2,700: Described as the recent consolidation floor; staying above it keeps the current rebound narrative intact. ^[38]
$2,800: Today’s pivot level. Holding above turns the zone into support and keeps the path open toward $3,000. ^[39]
$3,000: A major psychological barrier that roughly aligns with the 50‑day EMA in several analyses. A daily close above here would be the first real sign of a trend repair. ^[40]
$3,100–$3,600: A heavy resistance band stacked with prior liquidation clusters and trapped longs; rallies into this area could be choppy and prone to sharp pullbacks. ^[41]

What today’s move means for traders and long‑term holders

For short‑term traders, today’s Ethereum price action signals:

A tradable bounce from oversold conditions, driven by upgrade narratives, institutional dip‑buying, and improving macro expectations.
But also a backdrop of elevated liquidation risk, with leverage and tight support levels meaning that both upside and downside moves can be abrupt.

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

Protocol fundamentals — including the shift to proof‑of‑stake, deflationary supply mechanics, and the push to scale via Fusaka and Prague — remain broadly supportive of Ethereum’s role at the center of DeFi and Web3. ^[42]
Institutional infrastructure — ETFs, staked ETH products, ETH‑backed loans, and large OTC purchases — continues to deepen, even through double‑digit price drawdowns. ^[43]

Yet the contrasting headlines — BitMine’s multibillion‑dollar hit, the Anti‑CZ whale’s $61M wipeout, and the possibility of another leg lower if $2,650 fails — all underscore one simple point: Ethereum remains a high‑volatility asset where timing, position sizing, and risk management matter as much as any narrative. ^[44]

This article is for informational and news purposes only and does not constitute financial, investment, or trading advice. Always do your own research and consider your risk tolerance before investing in cryptocurrencies.

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