Ethereum Price Today, November 21, 2025: ETH Slides Toward $2.7K as ETF Outflows and Liquidations Slam Crypto

Ethereum (ETH) is trading in the high-$2,600s to low-$2,700s on Friday, November 21, 2025, after one of its sharpest single‑day drops of the year. Major data providers show ETH down around 10–11% over the last 24 hours, with a live price near $2,700 and a market cap of roughly $320–325 billion. ^[1]

The move drags ETH decisively below the psychologically important $3,000 level and caps a brutal November in which Ethereum has shed almost 25–30% from recent highs, according to multiple market analyses. ^[2]

Ethereum price today: key numbers (21 November 2025)

Across major trackers and news desks, today’s Ethereum price picture looks broadly consistent, even if exact ticks differ by exchange and time of snapshot:

Spot price: around $2,650–$2,750 at press time
- CoinMarketCap lists a live ETH price near $2,687, with 24‑hour volume above $50 billion and a market cap around $324 billion. ^[3]
Intraday range:
- Data from institutional feeds shows ETH opening above $2,800, spiking over $3,000, and then breaking down toward an intraday low around $2,670. ^[4]
24‑hour change:
- Most outlets report –8% to –11% on the day as part of a broad crypto “bloodbath.” ^[5]
Weekly & monthly performance:
- Ethereum is down about 15% this week and roughly 22–29% in November, according to technical reviews from CryptoPotato and on‑chain analysts. ^[6]

Zooming out, Reuters notes that ETH is now down close to 16% year‑to‑date, even after making fresh all‑time highs earlier in 2025, highlighting how violently sentiment has reversed in recent weeks. ^[7]

Why is Ethereum down today? 5 main drivers

Today’s Ethereum sell‑off is not happening in isolation. A cluster of structural and macro factors is hitting the market at the same time.

1. Record ETF outflows are forcing Bitcoin and Ethereum selling

Spot crypto ETFs, once seen as a stabilizing force, are now amplifying the move lower.

Bitcoin ETFs have registered about $3.79 billion in net outflows this month, the largest on record, according to CoinDesk. ^[8]
A parallel report from CCN highlights that Bitcoin and Ethereum ETFs together have seen more than $1 billion in outflows, while Solana and XRP products are among the few seeing inflows. ^[9]
AInvest and other market trackers note that Ethereum‑focused ETFs have logged roughly $262 million of outflows over eight consecutive days, signaling persistent institutional de‑risking from ETH exposure. ^[10]

When investors redeem ETF shares, issuers often need to sell the underlying assets. That means spot selling of BTC and ETH on the open market, adding direct sell pressure on an already fragile order book.

2. Digital asset treasuries (DATs) are dumping ETH to buy back shares

A newer but increasingly important macro force is the behavior of publicly listed “digital asset treasury” (DAT) companies—firms that hold large crypto treasuries on their balance sheets.

Several recent reports show these treasuries turning into forced sellers of Ethereum:

The Economic Times describes how FG Nexus, one of the largest Ethereum treasuries, borrowed $10 million and sold 10,922 ETH (about $32.6 million) to accelerate share buybacks because its stock trades at a steep discount to its net asset value (NAV). ^[11]
Earlier, another DAT, ETHZilla, sold around $40 million in ETH for the same reason, and research cited by AInvest suggests many DAT stocks are down over 90% from their peaks. ^[12]
A separate analysis from The Crypto Basic and Coinpedia notes that BitMine Immersion, the single largest Ethereum treasury, is sitting on $3.7 billion in unrealized losses on its 3.56 million ETH holdings—roughly $1,000 per ETH below its average cost basis. ^[13]

As DATs sell ETH to shore up their share prices, they increase spot supply and deepen the price slide—creating what analysts describe as a self‑reinforcing loop of falling ETH prices and further forced selling. ^[14]

3. Leverage flush: over $800M–$1.7B in crypto liquidations

High leverage has been a defining feature of this cycle—and it’s now cutting both ways.

A TradingView syndication of Coinpedia’s live blog reports that in the past day about $831 million in crypto positions were liquidated, with roughly $696 million in longs and $135 million in shorts wiped out. ^[15]
CoinDesk separately estimates around $1.7 billion in liquidations across major assets amid a sharp move that took Bitcoin toward the low‑$80,000s and dragged altcoins with it. ^[16]
Focusing on ETH specifically, CoinCentral’s technical deep‑dive notes that around $150 million in Ethereum long positions were liquidated in 24 hours, as ETH “hit a liquidity reset” around $3,019 inside a descending wedge pattern. ^[17]

Forced liquidations accelerate downturns: once prices start to fall, over‑levered long positions are automatically closed, dumping ETH into the market at any available bid and deepening the drop.

4. Macro shock and “flight from risk” across global markets

This is not just a crypto story—it’s a broader risk‑off event:

Coinpedia’s live updates describe a “Black Friday market crash”, with the S&P 500 erasing up to $1.5 trillion in value within about 100 minutes and global markets hit by algorithmic selling after key technical levels broke. ^[18]
Messari’s daily recap notes that U.S. equities have had about $2.7 trillion wiped out in recent sessions and that the Crypto Fear & Greed Index has plunged into “extreme fear”, reaching levels not seen since late 2022. ^[19]
Reuters summarises the move as a “flight from risk”, noting that Bitcoin has erased its year‑to‑date gains and that Ether is now down about 16% on the year. ^[20]

When global liquidity dries up and volatility spikes, even strong fundamentals struggle. Ethereum is being sold alongside tech stocks, small‑cap equities, and other high‑beta assets, regardless of its long‑term story.

5. Mixed on‑chain signals: whales, staking, and realized price

On‑chain data gives a more nuanced view of what’s happening under the surface.

Staking and structural demand

A TradingView “key facts” summary notes that over 33 million ETH is now staked, locking a substantial share of supply into Ethereum’s proof‑of‑stake validator set even as price falls toward the $2,800 support zone. ^[21]
Yesterday, CoinDesk reported that BlackRock filed for the “iShares Staked Ethereum Trust”, widely interpreted as the first concrete step toward a staked ETH ETF in the U.S.—a potentially powerful source of future institutional demand. ^[22]

Whales and realized price

A CryptoQuant‑based analysis summarized by CryptoPotato highlights that ETH recently touched a $2.8K “realized price cluster”, where both retail and large investors’ average cost basis converges. At that zone, wallets holding over 10,000 ETH have been adding to their positions, a behavior often seen near late‑stage cycle bottoms. ^[23]
However, a fresh report from BeInCrypto today says whale accumulation has stalled, with Ethereum dipping below $3,000 and on‑chain metrics like the MVRV long/short difference falling to a four‑month low. That means many long‑term holders are sliding into unrealized losses, raising the risk of capitulation selling if the downtrend continues. ^[24]

The takeaway: long‑term believers are still heavily committed via staking and prior accumulation, but the latest leg lower is testing their conviction and could trigger additional selling if key supports fail.

Technical outlook: key Ethereum levels to watch today

Analysts are split on whether today’s dump is the final flush of this correction or a waystation to lower levels. Most, however, are focused on a handful of critical price zones.

Immediate support: $2,800 and the high‑$2,600s

CryptoPotato’s price analysis notes that Ethereum lost the $3,000 support and is now trading “just under $2,800”, down about 15% this week. If buyers cannot defend the $2,800 region, the next significant support sits near $2,400, with November already seeing a ~29% drawdown. ^[25]
Forex24.pro’s dedicated ETH/USD forecast places ETH around $2,838 within a declining channel, projecting a short‑term bounce toward $3,105 followed by a potential slide to $2,165 if the bearish channel continues to hold. A decisive break below $2,745 would, in their view, confirm deeper downside. ^[26]

The $3,000 line in the sand

Several analyses still treat $3,000 as the key battleground:

Brave New Coin’s intraday Ethereum outlook describes ETH forming a falling wedge pattern around the $3,000 zone. In classic technical theory, falling wedges can precede breakouts—but only if price breaks above wedge resistance near roughly $3,100–$3,300. A sustained move below $2,950 would weaken that bullish setup. ^[27]
CoinCentral’s wedge‑focused piece also describes ETH “resetting liquidity” around $3,019, with major resistance in the $3,206–$3,607 range and about $150 million in long liquidations flushing out over‑levered positions. ^[28]

In simple terms: reclaiming and holding above $3,000 would be the first sign that bulls are regaining control. Staying below it keeps the door open to $2,400–$2,500 and, in more bearish scenarios, even the low‑$2,000s.

⚠️ None of these levels or scenarios are guarantees. They are interpretations from third‑party analysts and should not be treated as financial advice.

Ethereum vs Bitcoin and other majors today

Ethereum’s drop is part of a broad sell‑off across large‑cap crypto:

Crypto.news’ market wrap shows Bitcoin near $85,000 (–7%) and Ethereum around $2,763 (–8.7%), with other majors like Solana, XRP and BNB also posting high single‑digit or low double‑digit losses on the day. ^[29]
Indian outlet ABP Live reports the global crypto market cap at about $2.94 trillion, down sharply from earlier in the month, and characterizes the session as a full‑scale “bloodbath” across most top‑100 coins. ^[30]
Coinpedia’s real‑time feed notes that Bitcoin briefly plunged toward the mid‑$80Ks, while ETH dropped below $2,900, in tandem with one of the fastest multi‑asset wipeouts in recent memory. ^[31]

On the relative performance front, ETH has underperformed BTC over the past month, but both are being dragged by the same mix of ETF outflows, leverage, and macro risk‑off.

What today’s Ethereum move means for different types of investors

This article cannot tell you what to buy or sell, but it can help frame today’s price action for different profiles.

Short‑term traders

Volatility is extreme. Per‑hour swings of several percent are common, and liquidation data shows many leveraged traders are getting wiped out. ^[32]
Most professional analyses emphasize risk management and position sizing over bold directional bets. Several forecasts explicitly say that confirmation—such as a clear reclaim of $3,000 or, conversely, a clean breakdown below $2,700–$2,750—is crucial before leaning heavily into a trade. ^[33]

Medium‑term swing traders

The $2,800–$3,000 corridor is now the focal zone. Many traders will likely treat it as a pivot:
- Hold or close back above it → potential staging ground for a relief rally into the $3,300–$3,400 area highlighted by wedge analyses. ^[34]
- Fail and flip it into resistance → opens risk down toward $2,400–$2,500 or lower supports identified by Forex24.pro and CryptoPotato. ^[35]

Long‑term holders and fundamental investors

On the fundamental side, little has changed in the last 48 hours:
- Ethereum still secures the largest smart‑contract ecosystem.
- Staked ETH is at or near record levels around 33 million coins. ^[36]
- BlackRock’s move toward a staked ETH ETF signals ongoing institutional interest, even in the face of the current sell‑off. ^[37]
On the risk side, the rise of DAT sellers, ETF outflows, and macro fragility show that new institutional plumbing can cut both ways—providing liquidity on the way up and structural selling on the way down. ^[38]

For long‑term participants, today’s move is likely to be seen less as a verdict on Ethereum’s technology and more as a stress test of the new market structure that has formed around it.

Key Ethereum news headlines for November 21, 2025

Here’s a quick digest of notable Ethereum‑related stories and analyses published today:

“Ethereum (ETH) Price: Falling Wedge Compression Sets Stage for Breakout Rally” – CoinCentral
Technical deep‑dive on ETH’s falling wedge pattern around $3,000, highlighting a liquidity reset at $3,019 and about $150M in liquidations, with resistance levels at $3,206 and $3,607. ^[39]
“Crypto Price Analysis November 21: ETH, XRP, ADA, BNB, and HYPE” – CryptoPotato
Notes ETH is down 15% this week, trading just under $2,800 after losing $3,000 support, with the next major support around $2,400 and a 29% monthly drawdown in November. ^[40]
“Ethereum Price Bleeds to $2,800 Today: What Happened?” – Pintu
Explains today’s drop through the lens of a “liquidity reset” zone historically associated with strong future recoveries, while emphasising the short‑term pain for traders. ^[41]
“Cryptocurrency Price Today (November 21): Bitcoin Dips Below $86,000 As Top Coins See Bloodbath” – ABP Live
Covers the market‑wide sell‑off, with ETH among the top large‑cap losers and total crypto market cap sitting near $2.94T. ^[42]
“Crypto Bulls See $1.7B Liquidations as Bitcoin Swiftly Nears $80K” – CoinDesk
Details the massive liquidation cascade that has slammed leveraged traders and intensified downside volatility across BTC, ETH, and other majors. ^[43]
“Ethereum Price Crashes to $2,800 as $1.5 Billion ETF Outflows Trigger Crypto Selloff – How Low Will ETH Drop Next?” – The Economic Times
Connects ETH’s plunge to heavy ETF redemptions and forced selling from large treasuries and DATs. ^[44]
“Key Facts: Ethereum Price Nears $2,800 Support; Staking Hits 33M Tokens; BlackRock Files for New ETF” – TradingView News
Summarises the clash between growing long‑term structural demand (staking, ETF filings) and short‑term price pressure. ^[45]
“Ethereum Key Holders Face Rising Losses, Will Price Bear Brunt?” – BeInCrypto
Highlights that whale accumulation has paused, long‑term holders’ profitability is dropping, and a move toward $2,681 support is possible if bearish sentiment persists. ^[46]

Final word and disclaimer

Ethereum’s price today, November 21, 2025, is being driven by structural selling (ETFs and treasuries), extreme leverage, and a global risk‑off shock more than any single protocol‑level event.

For now, all eyes are on whether:

$2,800 and the high‑$2,600s can hold as support, and
ETH can reclaim the $3,000 level that so many technical and on‑chain models treat as a pivot.

As always, cryptocurrencies are highly volatile and risky assets. Nothing in this article is financial, investment, or trading advice. If you are considering any move, it’s important to do your own research and, where appropriate, consult a qualified financial professional.

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