Ethereum’s sharp drop tests $2,700 support in market rout

Ethereum falls below $2,700 as cryptocurrency market decline continues.

Summary

• Ethereum, Bitcoin, and other tokens declined to multi-month lows, triggering liquidations of leveraged positions.
• Spot Bitcoin and Ethereum ETFs saw consecutive net outflows, while some other networks attracted inflows.
• Bitmine bought more Ethereum during the decline, but treasury firms now face substantial unrealized losses.

Ethereum dropped below $2,700 on Friday as the cryptocurrency market experienced its most significant downturn since October, with the digital asset falling to levels last seen in July, according to market data.

Bitcoin also declined to multi-month lows on Nov. 21, 2025, as selling pressure increased across the cryptocurrency sector. The market decline triggered widespread liquidations of leveraged positions in Ethereum and other digital tokens, according to market analysts.

Ethereum continues to shed as ETF outflows pile on

Cryptocurrency investment products recorded consecutive net outflows for both spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds during the period, while spot ETFs for other networks saw inflows, according to industry data.

Market analysts stated that the loss of key support levels increased the likelihood of further declines if buying activity does not resume. The analysts noted that failure to recover to prior support levels could lead to additional price decreases.

Nasdaq-listed Bitmine, a company that holds Ethereum in its treasury, announced it purchased additional Ethereum on Nov. 20, increasing its total holdings despite the price decline. The company did not disclose the specific amount of the purchase.

Crypto research firm 10x Research reported that treasury companies holding digital assets face substantial unrealized losses following the market correction. The firm stated such losses could present challenges for these companies in attracting new retail investors while existing shareholders experience significant paper losses.