Ethereum Price Prediction November 2026: ETH at $2,240 After the $213M Flush — 3 Scenarios That Decide $1,950 or $2,775

Ethereum gave back its entire post-election rally in a single day — and the numbers behind the flush are more revealing than the price drop itself. ETH trades near $2,240 on November 7, 2026, roughly 55% below its all-time high of $4,954, while its network just posted a record 15.4 million active addresses. One line decides what happens next: the $2,200 support zone. Hold it, and November can still end in a recovery toward $2,775. Lose it, and $1,950 comes into view fast.

This is not another generic Ethereum price prediction. The week delivered a clean experiment: a genuine demand surge on November 4, a full reversal within 24 hours, and a set of ETF flow and liquidation figures that show exactly who was selling and why. Below are the levels, the flows, and the three scenarios that decide where ETH goes from here — all labelled as scenarios, not certainties.

The 24-Hour Flush: How Ethereum Lost Its Whole Midterm Rally

On Wednesday, November 4, Ether ran from about $2,226 to $2,450 on Binance — its best day in weeks, up 5.4% in 24 hours and comfortably outpacing Bitcoin's 3.6% gain over the same stretch. The trigger was the US midterm result: Democrats won the majority in Congress, and risk assets bounced. Spot Ethereum ETFs even took in $53 million that day, ending a run of seven consecutive sessions of outflows totalling roughly $656 million.

Then the market gave it all back. November 5 opened at $2,425 and closed at $2,238. November 6 brought a further 8% slide toward $2,200 as a sell-off in US technology and AI stocks spilled into crypto. By Saturday morning, ETH was changing hands near $2,240 — almost exactly where the rally had started.

The damage was concentrated in leveraged positions. More than $210 million of ETH futures were liquidated in 24 hours, with about $179 million of that coming from traders betting prices would keep rising. That is the signature of a flush, not a slow bleed: longs piled in on the midterm bounce, and the market swept them out in one move.

Bitcoin told the same story on a smaller scale. BTC held near $76,000 on November 7, about 40% below its $126,156 all-time high, after falling from above $80,000 earlier in the week. The Crypto Fear & Greed Index sat at 25 — extreme fear — even as Bitcoin itself barely moved on Saturday. For readers catching up on the wider market, our Bitcoin vs stocks vs gold comparison puts this week's rotation into context.

5 Numbers That Explain the Ethereum Sell-Off

The price action looks chaotic until you line up the flows. Five figures explain almost everything that happened to ETH this week:

Number	What it means
$99.9 million	US spot Ethereum ETF outflows on November 5 — the day the rally died. BlackRock's ETHA accounted for $75.2 million of it, with another $22 million leaving its ETHB product.
$93.3 million	ETF outflows on November 6, with BlackRock's ETHA responsible for $90.8 million. Two days of outflows totalled about $193 million, erasing the $53 million inflow of November 4 four times over.
$213 million	ETH futures liquidated in 24 hours during the November 6 drop — about $179 million of it long positions. The flush was leveraged traders being forced out, not spot holders panic-selling.
15.4 million	Ethereum ecosystem active addresses — a new all-time high, up 62.7% in seven days. Network usage is at its strongest ever while the price sits 55% below its peak.
0.05 gwei	Average Ethereum gas fees — historically low. The network is cheaper to use than at almost any point in its history, which is part of why activity is booming.

The pattern is clear: institutional ETF money walked out at exactly the moment leveraged traders were most exposed. The November 4 inflow was a one-day pause in a much longer outflow streak — $139.7 million left on November 2 and $85.3 million on November 3 — not a turn in the tide. Anyone reading a single green day as a reversal was reading the wrong signal.

The Contradiction: Record Activity, 55% Below the Peak

Here is the genuinely surprising number in this story. Ethereum's ecosystem just hit 15.4 million active addresses — an all-time high, up 62.7% in a single week — while ETH trades 55% below its August 2025 peak of $4,954. The network also carries $142.5 billion in stablecoins and $46 billion in DeFi deposits, according to data cited in recent market briefings.

Price and usage have rarely diverged this far. Normally, a record in active addresses comes with a rising price; here it comes with a falling one. There are two honest ways to read that gap, and they point in opposite directions.

The bullish read: usage leads price. If millions of new addresses are transacting while gas costs almost nothing, demand for block space is real and growing — and the price has simply not caught up yet. Historically, Ethereum's biggest rallies have followed periods when network activity strengthened first. Our earlier deep dive, Ethereum's network just hit 15.4 million active addresses while ETH trades 55% below its peak, lays out the full case for the gap closing.

The bearish read: activity is not the same as buying. A surge in active addresses can reflect airdrop farming, cheap transactions, bots, or users moving funds during a sell-off — none of which requires anyone to buy ETH. And with gas at 0.05 gwei, the network burns almost no ETH, removing the scarcity mechanism that once linked usage to price. Low fees are great for users; they are not automatically great for holders.

Both readings are plausible, which is exactly why the $2,200 level matters so much. The market will resolve the argument with price, not with debate.

Ethereum Price Prediction November 2026: 3 Scenarios That Decide $1,950 or $2,775

Technically, ETH is in a weak position. It has fallen below its 20-day, 50-day and 100-day exponential moving averages, clustered between roughly $2,345 and $2,405, and those levels now act as resistance on any recovery attempt. The 200-day average sits near $2,160. The daily RSI dropped below 40 during the November 6 slide, signalling weak buying momentum. These are facts about where price is, not predictions about where it must go. Three scenarios cover the realistic paths for the rest of November:

Scenario	Trigger	Price path	What would confirm it
Bullish — reclaim and run	$2,200 holds, ETF flows turn positive	$2,450 → $2,700 → $2,775	Daily close above $2,405 (50-day EMA), then above $2,450; two consecutive days of ETF inflows
Base — range-bound grind	$2,200 holds but buyers stay cautious	$2,200 – $2,500 for the rest of November	Repeated bounces off $2,200, rejections near $2,350–$2,450; ETF flows near zero
Bearish — support breaks	Daily close below $2,200, macro worsens	$2,100 → $2,000 → $1,950	Close below $2,170, rising ETF outflows, hot CPI on November 10

The base case — a $2,200 to $2,500 range — is the most consistent with the current structure. ETH has bounced off the $2,200–$2,207 zone repeatedly, and the daily lows from October 31 to November 4 ($2,237, $2,248, $2,237, $2,241, $2,226) show buyers defending that shelf again and again. But each test weakens it. The November 5 low of $2,206 dipped under the whole shelf before buyers stepped in. A support level that gets tested this often eventually breaks — or produces a sharp bounce when shorts get trapped. There is no middle outcome that lasts.

On the upside, the path is well marked. Buyers first need to push ETH back above $2,251, then clear the $2,345–$2,405 EMA cluster, then the $2,450 rejection zone. Only above $2,548 and $2,637 does $2,782 — the level flagged by technical analysts as the next major target — come into play. That is a long staircase, and every step requires ETF money to stop leaving.

If you are new to Ethereum and wondering what actually drives its value beyond the charts, our complete beginner's guide to how ETH works explains the network, the staking model and the fee-burn mechanism in plain language.

What Most People Get Wrong About ETH Right Now

Myth 1: "Devcon 8 will lift the price." Devcon 8 ran November 3–6 in Mumbai, and it produced genuinely important technical discussion — including the postponed Glamsterdam upgrade and the EIP-8363 issuance debate. But history shows Devcon has rarely acted as a price catalyst. It is a working meeting for builders, not a product launch. As our Devcon 8 coverage noted, Vitalik Buterin's warning that AI could crack crypto's cryptography within five years was the headline — not a price trigger.

Myth 2: "The ETF outflows mean institutions have given up on Ethereum." The outflows are real — roughly $656 million over seven sessions before the November 4 pause — but they are concentrated. BlackRock's ETHA alone accounted for the overwhelming majority of the November 5 and 6 withdrawals. That looks more like one or two large holders rebalancing after the midterm bounce than a broad institutional exit. Watch whether outflows spread to Fidelity's FETH and Grayscale's ETHE before concluding the whole market has turned.

Myth 3: "Low gas fees are purely good news." For users, yes. For the ETH price, not necessarily. Ethereum's fee-burn mechanism only creates scarcity when the network is congested. At 0.05 gwei, almost nothing is being burned, so the record address count is not translating into supply pressure. Activity and price can stay divorced for a long time under these conditions.

Myth 4: "ETH is cheap because it is 55% below its all-time high." Distance from the peak is not a valuation. ETH is also about 25% below its 2026 opening price of $2,971.65, and it has spent the year trending lower. A coin can be far below its high and still fall further — the $1,950 and $1,828 levels below are there for a reason. What makes ETH interesting here is not the discount; it is the combination of a tested support zone, record usage, and a macro calendar that could break either way.

The Macro Clock: Jobs, CPI and a December Hike Nobody Wanted

Ethereum does not trade in a vacuum, and this week's macro news explains why the midterm bounce failed so fast. The October US jobs report showed 165,000 new jobs — far above the roughly 65,000 forecast. Within hours, traders were pricing a December Federal Reserve rate hike at close to 80%, up from about 70% before the release. The 10-year Treasury yield rose to 4.894%.

Higher-for-longer rates are poison for the "ETH as a high-beta tech proxy" trade, and the tech sell-off that dragged ETH down on November 6 was the same trade unwinding. Our Ethereum vs Bitcoin comparison for November shows how the two assets are diverging under this pressure — ETH is just 2.96% of one BTC, near the weak end of its recent range.

The next macro test comes fast: US October CPI lands on November 10, with PPI following on November 13. A hot CPI reading would lock in the December hike pricing and put the $2,200 support under immediate stress. A soft reading could do the opposite — and would be the single most likely trigger for the bullish scenario above. The Federal Open Market Committee meets December 8–9, so November's data decides the year's final rate call.

Devcon 8 and Glamsterdam: Why the Roadmap Didn't Save the Price

It is worth asking why a week containing Ethereum's flagship developer conference produced a price decline rather than a rally. Devcon 8, held November 3–6 at the Jio World Center in Mumbai, focused on the delayed Glamsterdam upgrade, issuance policy debates, and longer-term roadmap items such as quantum security. The core developer team had already postponed the Hoodi testnet activation previously targeted for late October, and no new mainnet date for Glamsterdam has been set.

The EIP-8363 debate matters more than the headlines suggest. The proposal explores burning a portion of validator rewards as staking participation rises — effectively a pay cut for stakers, from current yields of around 2.6% toward roughly 1.2% under some versions. With a record 44 million ETH already staked, any change to issuance is a live economic question for the network's security budget, not an abstract technical debate. Our earlier report on the EIP-8363 staking pay cut breaks down the numbers.

None of this moves the price this week. Roadmap progress is slow, technical, and priced in over quarters — while ETF flows and liquidations move price in hours. That mismatch is the story of Ethereum in November 2026: the fundamentals are being built on a multi-year clock, but the price is being set on a daily one.

What to Watch This Week: A Checklist for ETH Holders

• The $2,200 line: a daily close below $2,200 opens $2,100 and then $2,000. A bounce with volume confirms the shelf is still real.
• ETF flows, Monday to Wednesday: one more $90M+ outflow day confirms institutions are still exiting; a return to inflows is the earliest bullish signal.
• CPI on November 10: the single biggest macro event for ETH this month. Hot CPI = pressure on $2,200. Soft CPI = a shot at $2,450.
• The $2,405 EMA cluster: ETH must reclaim its 20-, 50- and 100-day averages before any recovery can be called a trend change rather than a bounce.
• Bitcoin's $75,500 zone: BTC sits on its 50-week average near $75,562. If Bitcoin breaks down, ETH almost certainly follows — the two rarely diverge for long in a sell-off.
• Your own custody: volatile weeks are when exchange outages and hasty decisions hurt most. If you hold ETH, make sure you know where it is and how you would move it. Our comparison of the best crypto wallets in 2026 covers the options after the $6.3 billion Binance hack, and our guide to buying Ethereum walks first-time buyers through the process step by step.

Frequently Asked Questions

What is the Ethereum price prediction for November 2026?

The most likely path is a $2,200–$2,500 range for the rest of November, based on current technical structure and ETF flows. The bullish case targets $2,775 if ETH reclaims $2,450 and ETF inflows return; the bearish case targets $1,950 if the $2,200 support breaks on a daily close. These are scenarios based on current data, not guarantees — crypto prices can move beyond any forecast in either direction.

Why did Ethereum fall 8% on November 6?

A combination of three forces: US spot Ethereum ETFs recorded about $100 million in outflows on November 5 (and $93.3 million more on November 6), more than $210 million in leveraged ETH positions were liquidated in 24 hours, and a sell-off in US technology and AI stocks spilled into crypto after a hot jobs report pushed December rate-hike odds toward 80%.

Is $2,200 a strong support level for ETH?

It has been tested repeatedly — daily lows from October 31 to November 4 all clustered around $2,226–$2,248, and buyers defended $2,206 on November 5. But repeated tests weaken support, and a daily close below $2,200 would expose $2,100 and $2,000. The 200-day average near $2,160 sits just below as a secondary line of defence.

Can Ethereum reach $2,775 in November?

It is possible but requires several things to go right: a hold of $2,200, a reclaim of the $2,345–$2,405 moving-average cluster, a break above the $2,450 rejection zone, and a return of ETF inflows. Technical analysts flag $2,548, $2,637 and $2,782 as the resistance steps on that path. A soft CPI reading on November 10 would be the most likely catalyst.

Why is Ethereum's network activity at an all-time high while the price falls?

Ethereum ecosystem active addresses hit a record 15.4 million, up 62.7% in seven days, with gas fees at a historically low 0.05 gwei. Cheap transactions encourage usage, but low fees also mean almost no ETH is being burned — so the activity does not create the supply squeeze that once linked usage to price. Activity can reflect airdrop farming, fund movements and bots as well as genuine demand.

Should I buy Ethereum at $2,240?

This article is not financial advice, and no one can answer that for you. What the data says: ETH is 55% below its all-time high and 25% below its 2026 opening price, sitting on a heavily tested support zone with record network usage — but also below all its short-term moving averages, with ETF money still leaving and a December rate hike increasingly priced in. Many investors in this situation use staged entries rather than a single lump sum, and never money they need in the short term.

Conclusion

Ethereum's November story is a contradiction that has to resolve one way or the other. The network has never been busier — 15.4 million active addresses, gas at 0.05 gwei, $142.5 billion in stablecoins — yet the price has given back an entire rally in a day and sits 55% below its peak. ETF outflows of $193 million in two days and $213 million in liquidations explain the drop; they do not decide what happens next.

The decision belongs to the $2,200 level. Hold it through the November 10 CPI print, and the base case of a $2,200–$2,500 grind — with a real shot at $2,775 on a soft inflation reading — stays alive. Lose it on a daily close, and $2,100, $2,000 and $1,950 line up below with very little in between. Either way, this is the week the market stops debating Ethereum's fundamentals and starts voting with price.

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