The psychological $2,000 level has finally been breached to the downside. Ethereum (ETH) dropped nearly 6% over the last 24 hours, dipping to around $1,935 amid broad selling pressure sweeping across the crypto market. The sharp move triggered immediate forced liquidations in the derivatives market, with leveraged ETH futures liquidations reaching nearly $250 million across major crypto exchanges.
The slump feels particularly heavy not only due to routine selling across the crypto market, but because it coincides with institutional capital outflows on Wall Street and technical hurdles on the network’s development roadmap.
ETF Outflows Hit $695.9 Million
The selling pressure has been most visible in US spot Ethereum ETF products. On November 11, these funds recorded a net daily capital outflow of $144.8 million. The largest share of the offloading came from BlackRock’s ETHA, which accounted for a net outflow of $129.8 million.
The single-day drawdown extends a broader trend of institutional capital exiting the market since the beginning of the month. Between November 1 and November 11, 2026, total funds pulled from all spot Ethereum ETFs reached approximately $695.9 million. Across this 11-day span, institutional divestment has continued to weigh heavily on a spot market facing a lack of buying momentum.
Why the Glamsterdam Test Run Was Delayed
Market pressure mounted on the technical side after Ethereum core developers officially postponed the activation of the Glamsterdam upgrade on the Hoodi testnet. The decision came after risks were identified in two technical improvement proposals included in the network upgrade package.
The Ethereum Foundation explained that proposals EIP-8037 and EIP-8038 could potentially disrupt decentralized applications (dApps). The issue affects applications that still rely on legacy gas fee assumptions when accessing or creating new blockchain state. Without proper adjustments, changing the fee structure could break currently active smart contracts.
To resolve the codebase issues, developers scheduled a follow-up technical meeting for November 19. The session will focus on reviewing audit findings and code patches before establishing a new activation timeline for both the Hoodi testnet and the subsequent mainnet rollout.
$1,920 Level Acts as Immediate Support
The price decline now places Ethereum near key technical support boundaries. Technical analyst More Crypto Online identified a buffer zone around the $1,920 mark. If Ethereum fails to hold above $1,920, subsequent Fibonacci calculations project further downside toward the $1,832 support level.
For market participants tracking ETH price action, the $1,920 area serves as a critical test to determine whether selling pressure begins to subside or if prices will slide deeper toward $1,832.
Reported via crypto.news.
Read also: How Crypto Staking Works and Its Risks
Read also: Bitmine Buys 9,587 ETH Worth $20 Million - Now Holds 4.97% of Global Ethereum Supply
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
