Ethereum price nears $2,000 as whale sells ETH at $3.1M loss

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Ethereum price has fallen toward the $2,000 level as a large investor sold thousands of ETH at a reported $3.1 million loss, while exchange-traded funds and other major holders continued reducing their exposure.

Summary

Ethereum price approached $2,000 as Lookonchain reported a whale selling ETH following substantial investment losses.
Lookonchain estimated the investor lost $3.1 million on Ethereum purchased approximately one month before selling.
BlackRock’s ETHA recorded $129.8 million in withdrawals during November 11, according to Farside Investors data.
Ethereum staking participation reached approximately 36.3% of supply despite continued selling by several large holders.
Ethereum price faces immediate support around $2,040, followed by $2,000 and the lower $1,950 price area.

Blockchain analytics platform Lookonchain reported on November 12 that an investor identified by wallet address 0x69A8 sold 6,532 ETH worth approximately $13.62 million at an average price of $2,085.

The transaction followed a purchase of 5,105 ETH for $13.74 million roughly a month ago, when Ethereum traded near $2,691. Lookonchain estimated that the investor lost approximately $3.1 million on the earlier purchase as the cryptocurrency declined.

OTC whale 0x69A8 is starting to sell!

A month ago, the whale FOMO-bought 5,105 $ETH ($13.74M) at $2,691.

10 hours ago, the whale sold 6,532 $ETH ($13.62M) at $2,085 to cut losses, taking a ~$3.1M loss.https://t.co/z1uZusGsXH pic.twitter.com/m5XWQmZaFc
— Lookonchain (@lookonchain) November 12, 2026

Meanwhile, Ethereum price traded near $2,050, down 0.79% over 24 hours, with trading volume reaching $8.9 billion.

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Ethereum whale sells thousands of ETH at a loss

The reported sale involved more ETH than the investor purchased in the transaction identified last month.

Meanwhile, the investor had purchased ETH during a period when prices were considerably higher, before the cryptocurrency began losing ground in October.

The latest sale occurred as other large Ethereum holders reduced their balances.

Crypto analyst Ali Martinez reported that whale wallets had sold approximately 17,800 ETH over the preceding week, equivalent to roughly $40 million at the prices cited.

Meanwhile, a wallet linked to the Ethereum Foundation reportedly sold another 1,000 ETH worth approximately $2.03 million on November 11.

The transaction followed a separate sale of 1,000 ETH worth around $2.13 million on November 10. Both transactions involved exchanges of ETH for stablecoins through CoW Protocol.

The address had previously sold 2,785 ETH for approximately $6.42 million on October 26, bringing its reported disposals across those dates to 4,785 ETH.

Ethereum ETF outflows continue as BitMine holds millions of ETH

Selling activity has continued among institutional investment products.

According to Farside Investors, US spot Ethereum ETFs recorded net outflows of approximately $144.8 million on November 11.

BlackRock’s ETHA accounted for $129.8 million of those withdrawals, while its ETHB fund recorded another $5.3 million in outflows.

The latest figures followed $184.6 million in withdrawals on November 9, when BlackRock’s ETHA lost approximately $119.3 million.

Despite these withdrawals, corporate Ethereum treasury company BitMine has continued accumulating the cryptocurrency.

Its latest reported purchase of 9,587 ETH brought its holdings to approximately 6.07 million tokens as of November 10.

However, BitMine’s annual SEC filing revealed a net loss of approximately $6.3 billion for the fiscal year ended August 31, 2026.

The company attributed roughly $6.2 billion of its losses to declines in the market value of its digital assets.

At the fiscal year-end, BitMine held 5,901,837 ETH with a cost basis of approximately $19.95 billion and a market value of $14.56 billion.

The company explained that its accounting treatment records cryptocurrency price declines as losses even when it has not sold the underlying assets.

Ethereum staking climbs despite whale selling

While some major investors have been selling Ethereum, a substantial portion of the cryptocurrency’s supply remains committed to staking.

According to Ethereum staking data published by Rain, over 36% of the circulating supply was staked with active validators.

The amount represents roughly 45.3 million ETH, with validators using the tokens to help secure Ethereum and receive staking rewards.

$ETH has been losing ground since October, but its staking numbers tell a different story.

Around 36.3% of supply is now staked, with roughly 45.3M ETH locked in the network.

Meanwhile, ETH is trading near $2.1K.

That divergence is worth paying attention to.

Staking… pic.twitter.com/uw42xLe04b
— Rain (@raintures) November 11, 2026

Moreover, blockchain tracker Onchain Lens reported another example of staking activity on November 12.

A wallet withdrew 2,000 ETH worth approximately $4.08 million from Binance before depositing 32 ETH, valued near $65,300, into Ethereum’s Beacon Chain staking contract.

Ethereum price prediction as $2,000 support approaches

Ethereum’s daily chart shows the cryptocurrency maintaining lower highs and lower lows since its October peak near $2,800.

ETH faces immediate support around $2,040, followed by the psychological $2,000 level. A sustained decline below $2,000 could expose the next support area between $1,900 and $1,950.

The Chaikin Money Flow indicator stands at 0.02, indicating slightly positive money flow despite the recent decline.

Ethereum price chart, source: crypto.news

Meanwhile, the Stochastic RSI remains in oversold territory, with its %K reading at 0.61 and %D at 5.01.

Although the readings indicate weak momentum, the %K line has not crossed above the %D line to confirm a bullish crossover.

Crypto analyst Ted identified liquidity concentrations at $2,150, $2,250 and $2,450, suggesting those levels could attract trading activity during a recovery.

Ethereum price would first need to reclaim $2,100 before approaching the higher resistance levels. A recovery toward $2,250 would place the cryptocurrency near an area where previous attempts to regain momentum failed.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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