The cryptocurrency market is currently experiencing one of its bleakest downturns in recent months, with Ethereum (ETH) pricing falling sharply below $2,700. Investor concerns and widespread sell-offs have pushed the leading altcoin to lows not seen since July 2025. As of November 21, 2025, Ethereum’s price has dipped to close to $2,600, marking a decline of over 10% within a 24-hour period.
Ethereum Faces Significant Liquidations
Ethereal’s drop was accompanied by a massive liquidation of leveraged ETH positions, amounting to a striking $400 million over a mere 24-hour period. The majority of these liquidated positions were long bets, with about $374 million wiped out during the downturn. Bitcoin (BTC) also mirrored this trend, contributing to the global liquidation total of nearly $2 billion, illustrating the volatile nature of the current market conditions.
Additionally, both Bitcoin and Ethereum ETFs have recorded substantial net outflows. Bitcoin spot ETFs bore losses of up to $903 million, while Ethereum ETFs saw $262 million leave the markets. Interestingly, Solana spot ETFs witnessed inflows amounting to $23.6 million, signaling some level of investor confidence in alternative cryptocurrencies.
Key Levels to Watch for Ethereum
Analysts suggest that Ethereum’s drop below $2,800 to its current level near $2,600 represents a significant bearish signal. Should this trend continue, the next critical level to watch could be $2,500 if Ethereum fails to regain the $2,800 support. Market volatility and global economic factors, such as US interest rate policies and Japan’s stimulus package, are contributing to the bearish sentiment.
Bitmine Buys the Dip, Betting on Ethereum’s Future
Despite the bearish market conditions, Nasdaq-listed crypto holder Bitmine has taken advantage of the dip by purchasing an additional 17,242 ETH, valued at $44.46 million as of November 20. This move brings Bitmine’s total Ethereum holdings to an impressive 3.62 million ETH.
Bitmine’s purchase highlights a divergence in market sentiment, with institutional investors showing continued belief in Ethereum’s long-term potential. However, reports indicate that Bitmine may be facing multi-billion-dollar paper losses following the market correction, raising questions about the sustainability of such large Treasury positions.
What This Means for Crypto Enthusiasts
The current market slump serves as a reminder of the volatility inherent in cryptocurrency trading. While Ethereum’s short-term outlook appears bearish, the actions of institutional investors like Bitmine may inspire confidence in long-term growth. For crypto enthusiasts looking to take advantage of the current dip, platforms like eToro offer easy access to Ethereum and other cryptocurrencies.
eToro is a user-friendly platform allowing investors to explore crypto markets, practice trading strategies, and even copy top-performing traders. As always, it is important to exercise caution and thoroughly research before making financial commitments, especially in a fluctuating market.
