Ethereum at $2,110: Wall Street Dumped $365M in a Week — Whales Borrowed $22M to Buy the Dip: 5 Numbers That Decide $1,850 or $2,400

Ethereum is trading at $2,110 — and the two biggest groups in crypto are betting in opposite directions. US spot Ethereum ETFs just logged their sixth straight week of outflows, $365.3 million in a single week. On the very same day, a whale wallet borrowed $22 million in USDT from Aave to buy ETH into the dip. One side is about to be very wrong, and the $2,100 level will decide which one.

This is not a normal sell-off. Ether has fallen roughly 14% in a month and more than 21% over the past 30 days, its daily RSI has slipped to 32, and it just closed below its 200-day moving average for the first time since August 18. Yet the whales keep buying — not with spare cash, but with borrowed money. When the smart money borrows to buy while Wall Street sells, the next move is usually violent in one direction. Here are the five numbers that decide whether ETH goes to $1,850 or $2,400.

The $365 Million Exit: Wall Street's Sixth Straight Week of Selling

The ETF numbers are ugly, and they keep getting worse. US spot Ethereum ETFs lost $365.3 million last week, their sixth consecutive week of net outflows, according to SoSoValue data reported by CryptoDaily. The bleeding was steady rather than panicked: $99.9 million left on November 5, reversing a $53 million inflow the day before, followed by another $93.19 million on November 6. Two days, nearly $200 million gone.

That selling has a direct cost. Ethereum ETF buyers are already sitting on a $3.5 billion loss, with an average cost basis near $3,200 against a price around $2,290 — and the price has since fallen further. Every week of outflows adds to the pile of underwater holders, and underwater holders sell rallies. That is the first reason ETH keeps failing at resistance: every bounce toward $2,400 meets sellers who just want their money back.

The context makes it worse. Ether is down about 7% this week and roughly 15% over the past month, and it now trades below both its 50-day average near $2,370 and its 200-day average near $2,310. The broader market is not helping: Bitcoin slipped to a two-month low near $73,650 after more than $1 billion in leveraged positions were liquidated, US spot Bitcoin ETFs lost $1.28 billion last week — their largest weekly outflow since late June — and the Crypto Fear & Greed Index reads 29, firmly in fear territory. As CoinDesk reported, only five of the 100 largest cryptocurrencies gained even 1% in 24 hours.

Then there is the protocol itself. On November 6, the Ethereum Foundation confirmed that the Glamsterdam upgrade's Hoodi testnet fork was delayed after All Core Developers found compatibility risks tied to EIP-8037 and EIP-8038, the gas-rule changes at the heart of the upgrade. As we covered when the delay was announced, there is still no launch date, and analysts warn the upgrade could disrupt around 200,000 smart contracts if the gas repricing is mishandled. A delayed upgrade is not a disaster on its own — but it removes the one near-term catalyst that might have given ETF buyers a reason to stay.

The Other Side of the Trade: Whales Are Buying the Dip — With Borrowed Money

While ETF investors were selling, the on-chain data told the opposite story. The largest purchase came on November 9 itself, when wallet 0xFD10 borrowed 22 million USDT from Aave — the lending protocol behind the $28 billion in crypto loans we profiled last week — and moved to buy ETH, according to BeInCrypto. Borrowing stablecoins to buy a falling asset is not a casual trade. It is a leveraged bet, taken at a moment when the price had just broken below $2,200, that the dip will not last.

That wallet is not alone. The buying spree has been running for a week. On November 2, one unidentified whale spent $62.97 million over five hours to acquire 27,553 ETH at an average price of $2,286, while wallet 0x9EcA deployed $37.96 million in USDC within two hours to buy 16,658 ETH at $2,279, CryptoNews reported — and kept accumulating afterwards. On-chain data from Lookonchain shows Tom Lee's Bitmine absorbing nearly 45,000 ETH in rapid succession, sourcing liquidity directly from Kraken and BitGo, while an OTC-linked whale added another 10,000 ETH even as sentiment weakened, according to HTX Insights.

Add it up and the picture is striking: well over $150 million of whale buying in a single week, executed through OTC desks and exchange withdrawals — the signature of institutional-scale buyers, not retail. The same pattern showed up in the derivatives data: spot taker CVD printed buyer dominance, average order sizes expanded sharply, and funding rates jumped roughly 145% to around 0.01017, signalling traders willing to pay a premium to hold longs. The whales are not catching a falling knife blindly. They are buying with size, with leverage, and in public.

Who Is Right? The Whales vs Wall Street Scoreboard

Two groups, both with real money on the line, are making opposite bets. Here is what each side is actually wagering on.

	Wall Street (ETF sellers)	Whales (dip buyers)
Money moved this week	$365.3M out of spot ETH ETFs	$150M+ of ETH bought on-chain
Time horizon	Weeks — reacting to price and CPI risk	Months — positioning for a rebound
Biggest fear	CPI surprise, Fed hawkishness, Glamsterdam delay	Missing the bottom while supply tightens
What they own	ETF shares, average cost near $3,200	Spot ETH, much of it bought at $2,279–$2,286
Key data point	6 straight weeks of outflows	43.8M ETH staked — a record
What proves them right	ETH closes a day below $2,100	ETH reclaims $2,400 and ETF flows turn positive

The ETF sellers have momentum on their side. Six weeks of outflows, a price below both major moving averages, a delayed upgrade and a CPI report due Tuesday, November 10 at 8:30 a.m. ET — the sellers have a case, and the chart agrees with them today.

But the whales have something the sellers do not: a structural argument. A record 43.8 million ETH is now staked, locking up supply that cannot be sold quickly. The ETH/BTC ratio has slipped to 0.0295, with Ether down 17% in a month against Bitcoin's 9.9% — the kind of relative washout that has marked local bottoms before. And the buyers are not just holding: they are borrowing to buy, which means they expect the move to come soon enough to justify paying interest on it.

History offers a warning to both sides. The last time whale accumulation ran this hot into a falling market, in November 2025, whales bought more than $350 million of ETH during the pullback — and the recovery that followed was real, but it took weeks, not days, and it came only after macro conditions stopped deteriorating. Accumulation is a necessary condition for a bottom. It is not a sufficient one.

The $2,100 Line: 5 Numbers That Decide $1,850 or $2,400

Analyst Daan Crypto Trades has called $2,100 the key high-timeframe level for Ethereum, and the market keeps proving him right. ETH closed below $2,200 on November 8, broke a rising trend line that had held since the late-June low, and then wicked down to $2,060 — testing a multi-year rising trendline drawn from early 2021 — before closing back above it. The level held, barely. Here are the five numbers that decide what happens next.

1. $2,400 — the ceiling that matters. ETH pushed toward $2,450 and failed, then lost $2,226, the line that marked the failure of its November 4 rebound from $2,442. Until ETH reclaims $2,400 with volume, every rally is a selling opportunity for underwater ETF holders. A daily close above $2,400 flips the structure and puts the whale buyers in control.

2. $2,200 — the support that just broke. The November 8 close below $2,200 was the first real crack in the structure. It is now the first resistance on any bounce. If ETH reclaims $2,200 quickly, the break looks like a false breakdown — the classic bear trap that punishes the late sellers. If it cannot, $2,200 becomes the ceiling.

3. $2,100 — the line in the sand. This is the number the whole market is watching. If Ether closes a day below $2,100, the chart shows little support until about $1,850. The whales who bought at $2,279–$2,286 are already underwater; a break of $2,100 puts the newest buyer — the wallet that borrowed $22 million today — underwater too, and leveraged buyers who are underwater tend to sell fast.

4. $2,060 — the trendline that held. The November 8 wick to $2,060 pierced the multi-year rising trendline that runs from early 2021 through the 2022 bear-market lows near $1,000, and the candle closed back above it. Coindoo noted that this was the first test of the line from above since 2025. As long as it holds, the long-term uptrend is technically intact. A daily close below it ends that argument.

5. $1,754 — the level the bears are actually targeting. BeInCrypto's analysis points to $1,754, the 0.786 Fibonacci retracement, about 18% below the current price. Between $2,100 and $1,754 there is very little: $1,850 is the only visible shelf, and it is thin. That is why $2,100 matters so much — below it, the air gets very thin, very fast.

One more number frames all five: RSI 32 on the daily chart. Ether is oversold, but not extremely so. Oversold can stay oversold for weeks in a real downtrend — it is a reason to watch for a bounce, not a reason to assume one is coming.

Ethereum Price Prediction: 3 Scenarios for the Week Ahead

Predictions are not promises, and this market has punished confident calls all month. But the levels above give us three clean scenarios, and each one has a trigger you can watch in real time.

Scenario	Trigger	Target	Probability
Bull: whales win	Daily close above $2,400; ETF flows turn positive	$2,400–$2,600	25%
Base: range holds	$2,100 holds; CPI comes in as expected	$2,100–$2,400	45%
Bear: sellers win	Daily close below $2,100; hot CPI	$1,850, then $1,754	30%

The base case is a range, not a rally: ETH chops between $2,100 and $2,400 while the market waits for Tuesday's CPI print and for the Glamsterdam developers to fix the gas-rule compatibility issues. The bull case needs two things the market has not shown in six weeks — a positive ETF flow print and a close above $2,400. The bear case needs only one thing that has already almost happened: a daily close below $2,100.

That asymmetry is the whole trade. The upside requires a change in behaviour from Wall Street. The downside requires only a continuation of it. The whales are betting the change comes. The $22 million borrowed from Aave today is the size of that bet.

What Most People Get Wrong About ETF Outflows

Myth 1: ETF outflows mean institutions have given up on Ethereum. Outflows measure the marginal buyer, not the whole market. Six weeks of selling has coincided with record staking and aggressive whale accumulation — the same weeks. Institutions are not one thing: ETF holders sell while OTC desks and treasury buyers accumulate. The outflow number tells you about ETF holders. It tells you nothing about Bitmine.

Myth 2: Whale buying guarantees a bottom. It does not. Whales bought heavily into the November 2025 pullback too, and the bottom took weeks to form. Whales can be early, and early in a leveraged market looks exactly like wrong until it does not. The $22 million Aave borrow is a bet with a clock on it — borrowed money cannot wait forever.

Myth 3: The Glamsterdam delay is why ETH is falling. The delay matters, but the calendar says otherwise. ETH was already down sharply before November 6, dragged by the same Nvidia-led tech sell-off and the same $1 billion liquidation cascade that hit Bitcoin. The delay removed a catalyst; it did not create the sell-off. Blaming it entirely lets the macro picture off the hook.

Myth 4: A $2,100 hold means the crash is over. A wick to $2,060 that closes back above the trendline is encouraging, but one close does not make a bottom. ETH also needs to reclaim $2,200, then $2,400, and it needs an ETF inflow week — the first in seven — before anyone can say the sellers are done. Until then, $2,100 is a line being defended, not a victory.

What to Watch Next: A 5-Point Checklist

• Tuesday, November 10, 8:30 a.m. ET — October CPI. Consensus is +0.2% month-on-month. A hot print strengthens the case for the Fed's December 9 meeting to stay hawkish, and risk assets — ETH included — would likely break $2,100. A soft print is the bull case's best friend.
• Daily close vs $2,100. One close below it opens the path to $1,850. One strong bounce off it with volume confirms the buyers. Watch the close, not the wick.
• Thursday's ETF flow print. Seven straight weeks of outflows would confirm the sellers are entrenched. A single positive week — even a small one — would be the first sign the tide is turning.
• The 0xFD10 wallet and the Aave borrow. If the wallet that borrowed $22 million adds more, the whales are doubling down. If it repays and exits, the leveraged bet is off — and that tells you more than any price chart.
• Glamsterdam's next update. Any date for the Hoodi testnet fork, or a fix for EIP-8037 and EIP-8038, restores the upgrade catalyst. Silence keeps the uncertainty premium on the price.

For readers new to Ethereum, our complete beginner's guide to how ETH works explains the network behind the price, and our guide to buying Ethereum covers the practical steps — including choosing a wallet — for anyone considering a first purchase in a volatile week like this one. And if you want the wider picture, our comparison of Bitcoin, Ethereum, Solana and XRP after the $1 billion wipeout shows which of the giants is actually holding up best.

Frequently Asked Questions

Why is Ethereum falling today?

ETH is trading near $2,110, down about 5% in 24 hours and roughly 14% in a month. The drivers are US spot Ethereum ETFs logging a sixth straight week of outflows ($365.3 million last week), a delayed Glamsterdam upgrade, Bitcoin's slide to a two-month low near $73,650, and macro risk ahead of Tuesday's CPI report. ETH also closed below its 200-day moving average for the first time since August 18.

Are whales really buying Ethereum while ETFs sell?

Yes, according to on-chain data. On November 9, wallet 0xFD10 borrowed $22 million in USDT from Aave to buy ETH. Earlier in the week, whales bought $62.97 million of ETH in five hours and $37.96 million more through another wallet, while Bitmine absorbed about 45,000 ETH. Total whale buying topped $150 million in a week — even as ETFs lost $365.3 million.

What happens if Ethereum breaks below $2,100?

Analysts say there is little support until about $1,850, with the 0.786 Fibonacci level at $1,754 as the next major target — roughly 18% below the current price. A daily close below $2,100, rather than an intraday wick, is the trigger traders are watching.

Could Ethereum go back to $2,400 this week?

It is possible but it needs two things: a daily close above $2,400 and a turn in ETF flows. The base case is a $2,100–$2,400 range while the market waits for Tuesday's CPI print. A soft CPI number is the most likely trigger for a move toward $2,400.

Is the Glamsterdam delay bad for Ethereum long term?

The delay itself is a scheduling setback, not a protocol failure — the Hoodi testnet fork was paused over compatibility risks in the EIP-8037 and EIP-8038 gas-rule changes. It removes a near-term catalyst and adds uncertainty, but the upgrade is delayed, not cancelled. The risk is if the delay stretches into months with no date.

Should I buy Ethereum at $2,110?

That depends on your time horizon and risk tolerance, and this article is not financial advice. The bull case is whale accumulation, record staking and an oversold RSI of 32. The bear case is six weeks of ETF outflows, a price below both major moving averages and a hot CPI print on Tuesday. Many investors wait for either a confirmed hold of $2,100 or a reclaim of $2,400 before adding exposure.

Conclusion

Ethereum at $2,110 is a standoff, not a verdict. Wall Street has sold $365.3 million of ETH in a week and six straight weeks in total. Whales have answered with more than $150 million of buying, including $22 million borrowed from Aave on the very day the price broke $2,200. Both sides have real money at risk, and both cannot be right.

The tiebreaker is simple and it arrives fast: Tuesday's CPI print, and the daily close against $2,100. Hold the line with a soft CPI and the whales get their $2,400. Lose it with a hot print and the path opens to $1,850 — and the same borrowed money that bought the dip becomes the next wave of selling. Watch the close, watch the flows, and remember that in a market this divided, the side with the clock on its side is usually the one that blinks first.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency prices are volatile; do your own research before making investment decisions.