TLDR
- Ethereum rose about 2.7% on Wednesday to trade near $2,080, helped by a rebound in AI-related stocks.
- Whale “7 Siblings” bought 10,792 ETH worth about $22 million at an average price of $2,038.
- BitMine reported a $6.3 billion net loss for its fiscal year as ETH fell 44%.
- ETH faces first resistance at $2,101, with the 20-day EMA at $2,251 above it.
- Analysts Niels and Ted Pillows both point to liquidity clusters above the current price.
Ethereum rose about 2.7% on Wednesday and traded near $2,080. The move came as AI-related stocks bounced back and lifted crypto markets with them.
The Nasdaq gained 1.7% and the S&P 500 rose 1.1%. CoreWeave jumped 20% after its third-quarter earnings beat estimates. Nvidia also recovered after two straight days of losses, and the Philadelphia Semiconductor Index climbed 4%.
Crypto has tracked AI-related equities closely over the past year. That link helped ETH bounce from a drop to $2,000 earlier in the week. The dip followed a hot inflation report on Tuesday.
The inflation data pushed the odds of a 25-basis-point Federal Reserve rate hike in December above 90%. ETH slid to $2,000 on that news before buyers stepped in. The price has since moved back toward $2,100.
Whale Buys the Dip Near $2,000
Lookonchain reported that a whale known as 7 Siblings bought 10,792 ETH. The purchase was worth about $22 million at an average price of $2,038. The investor has a history of buying during sharp market drops.
Analyst Niels said the buy came after ETH swept liquidity near $2,000. He noted that the move wiped out almost all late long positions. Leveraged traders took the brunt of the pressure.
Niels also said short-side liquidity sits at $2,100, $2,200 and $2,400. Short sellers must buy back ETH to close their positions. That buying could add upward pressure if the price rises into those zones.
Analyst Ted Pillows pointed to a similar setup on X. He said ETH has three liquidity clusters, at $2,150, $2,250 and $2,450. He added that there are no major clusters below the price, so the path of least resistance looks higher in the short term.
$ETH has 3 decent liquidity clusters right now, and all of them are to the upside.
$2,150, $2,250, and $2,450.
In the short term, there are no major liquidity clusters to the downside, so the max pain looks like a pump here. pic.twitter.com/qrNs0MWqCz
— Ted (@TedPillows) November 11, 2026
Trader IncomeSharks shared a chart on X that he drew in August. He said the fakeout levels on that chart still have a chance to play out. In his view, the key now is whether the current level holds and the upside follows.
$ETH – Somehow the squiggle fakeout levels drawn in August still have a chance to be spot on. Now the only part that matters now is this holding and the upside to follow… pic.twitter.com/NIwmczENG7
— IncomeSharks (@IncomeSharks) November 11, 2026
Derivatives data showed $31.1 million in ETH liquidations over 24 hours, according to Coinglass. Short liquidations made up $22.8 million of that total. That means shorts took more losses than longs during the bounce.
On the daily chart, ETH still trades below its 20-day, 50-day and 100-day exponential moving averages. These sit between roughly $2,252 and $2,348. The 14-day Relative Strength Index is near 33, and the Stochastic Oscillator is around 18.
Key Levels and BitMine Loss
First resistance sits at $2,101, followed by $2,204 and $2,250. The 20-day EMA at $2,251 reinforces the $2,250 barrier. Above that, the 100-day EMA is at $2,327 and the 50-day EMA is at $2,348.
Higher targets on the chart include $2,355, $2,548, $2,636 and $2,781. On the downside, support is near $1,971. A deeper floor sits around $1,828.
Ethereum treasury firm BitMine Immersion Technologies reported a $6.3 billion net loss for the fiscal year ended August 31, 2026. The Form 10-K filing to the SEC showed $6.23 billion in unrealized fair value losses on its digital assets. ETH fell from $4,390 to $2,466 over that period, a 44% drop.
BitMine held 5,901,837 ETH at the end of August, with a fair value of $14.6 billion. The company said ETH price changes are expected to keep causing volatility in its reported results. Its holdings are measured at fair value, with changes counted in earnings.
Traders are now watching whether ETH can clear $2,100 and hold $2,000 as support. They are also tracking whether 7 Siblings makes further purchases. At press time, ETH traded near $2,080.
