Why is Ethereum price down today? Ether slips below $2,000 for the first time since August 19 as $222 million of leveraged longs are wiped out in an hour
This is a different event from the one we covered on November 9, when about $745 million of liquidations hit the market while ether still held above $2,000. Thursday's move is smaller in dollar terms but breaks a level that had held for almost three months. TokenPost, counting through 13:13 UTC, put the one-hour total at $223 million, with long liquidations of $219 million (about 98%) against $3.89 million of shorts, and bitcoin contracts accounting for $171 million of the total.
What the market is pricing
Spot prices from the Binance 24-hour ticker and the Polymarket weekly Ethereum price event, both read at about 16:46 to 16:50 UTC on November 12:
| Market, Nov 12 (UTC) | Price or bid / ask | 24h change or note |
|---|---|---|
| ETH/USDT, Binance (16:46) | $2,003.37 | -3.45%, low $1,983.82, high $2,103.78 |
| BTC/USDT, Binance (16:46) | $71,634.09 | -3.52%, low $71,255.02 |
| SOL/USDT, Binance (16:46) | $81.27 | -4.03% |
| XRP/USDT, Binance (16:46) | $1.0211 | -4.42% |
| Polymarket: ETH dips to $1,900, Nov 9-15 | 28% / 31% | last trade 23% |
| Polymarket: ETH dips to $1,800, Nov 9-15 | 7.2% / 7.3% | last trade 7.2% |
| Polymarket: ETH reaches $2,100, Nov 9-15 | 25% / 29% | last trade 30% |
The weekly Polymarket contracts settle on whether ether trades at the stated level at any point in the November 9-15 window, under the rules set out on each market. Traders price roughly a 30% chance of a further dip to $1,900 this week and a similar chance of a rebound to $2,100, with a move to $1,800 near 7%. Bid and ask spreads of three or four points show how thin some of these strikes are. For how such contracts settle, see how prediction markets resolve.
Why the drop accelerated
Liquidations do not start a sell-off on their own, but they speed it up. When a leveraged long position falls through its maintenance margin, the exchange closes it with a market sell order, which pushes the price lower and can trigger the next band of stops. The 98% long share in both counts shows the market was leaning one way going into the move. CryptoPotato links the timing of the drop to remarks by US President Donald Trump that the United States does not need a deal with Iran; that is the outlet's reading, and other drivers such as the week's hotter US inflation data and higher Fed hike odds were already weighing on risk assets.
Altcoins fell more than the two majors, which is typical when leverage is flushed across the board. Solana and XRP were each down more than 4% over 24 hours at the time of reading.
Why $2,000 matters
Round numbers carry no special economic meaning, but they collect stop orders, option strikes and liquidation levels, so a break tends to produce a fast move in either direction. Ether had stayed above $2,000 since August 19 according to CryptoPotato. Funding rates show whether leveraged traders are rebuilding longs after the flush or turning short; BetG8 tracks them on its live crypto funding rates page, and our explainer on what funding really costs covers how to read them.
What to watch next
Watch whether ether can close a daily candle back above $2,000 or whether the $1,983 low gives way, which would bring the Polymarket $1,900 strike into play before the weekly window closes. Watch the long and short split in the next liquidation wave: a jump in short liquidations would signal that bearish positioning has become crowded in turn. Bitcoin near $71,000 is the other level traders are tracking, along with any further headlines on Iran and on Fed policy.
Method and limits
Spot prices come from the Binance spot 24-hour ticker, read at 16:46 UTC on November 12, 2026; the 24-hour change is measured against the price 24 hours earlier, not against a daily open. Polymarket prices are best bid and best ask from the public Gamma API, read at about 16:50 UTC. Liquidation totals are CoinGlass data as reported by CryptoPotato and TokenPost at earlier times on the same day and are estimates that vary by data provider. Prices are not forecasts by BetG8.
LIVE MARKETWhat price will Ethereum hit in 2026?Trade on Polymarket →PERPS DEXTrade perps on Hyperliquid with 4% lower fees (code BETG8)Join Hyperliquid →Related
- Crypto funding rates, live
- Why ether fell on November 9: $745M liquidations
- Will bitcoin drop to $70,000? Polymarket odds
- The real cost of crypto funding rates
- Hyperliquid whale tracker
Frequently asked questions
Why is Ethereum price down today?
Ether fell below $2,000 on November 12, 2026, as a one-hour wave of forced selling liquidated about $222 million of leveraged positions, about 98% of them longs, according to CoinGlass data cited by CryptoPotato and TokenPost. Bitcoin and major altcoins fell at the same time.
How low did ether go?
The Binance ETH/USDT 24-hour low was $1,983.82 at 16:46 UTC on November 12, the first time below $2,000 since August 19 according to CryptoPotato. It was at $2,003.37 at that time.
What do prediction markets price for ether this week?
On Polymarket's November 9-15 event at about 16:50 UTC, a dip to $1,900 was bid at 28% and offered at 31%, and a rebound to $2,100 was bid at 25% and offered at 29%. These are market prices, not predictions.
Sources
- CryptoPotato, $220M in longs liquidated in 1 hour as ETH dips below $2K
- TokenPost, One-hour crypto liquidations of $223 million
- Binance, ETH/USDT spot market, read 16:46 UTC, November 12, 2026
- Polymarket, What price will Ethereum hit November 9-15?, read about 16:50 UTC, November 12, 2026
18+ only. This page reports market prices and published facts; it is not betting, financial or legal advice, and prices are not predictions. If gambling stops being fun, help is available at 1-800-GAMBLER.