TLDR
- ETH fell toward $2,000 on Tuesday after October CPI beat forecasts.
- Fed hike odds for December reached 90.5%, and long liquidations hit $193.3 million.
- US spot ETH ETFs saw $184.5 million in outflows on Monday, the most since October 6.
- Tom Lee, Pelinay and DeFiLlama data point to firmer staking and DeFi activity.
- Support sits at $1,971 and resistance at $2,101.
Ethereum (ETH) fell toward $2,000 on Tuesday, November 10, after a hotter inflation report. FXStreet data showed ETH near $2,040, while another source listed it at $2,094 earlier in the day.
The price is down about 4% over 24 hours and nearly 11% for the week. Over the past month, ETH has lost 16%.
Hot CPI Shifts Fed Rate Expectations
October’s Consumer Price Index rose 0.4% on the month, above the 0.3% forecast. Core CPI gained 0.3%, ahead of the 0.2% estimate.
BREAKING: October CPI inflation rises +0.4% month-over-month, above expectations of +0.3%.
Core CPI inflation rose +0.3%, also above expectations of +0.2%.
BLS will not be releasing year-over-year figures due to the October 2025 government shutdown.
Inflation still appears to…
— The Kobeissi Letter (@KobeissiLetter) November 10, 2026
The Bureau of Labor Statistics did not publish annual figures because of the government shutdown in October 2025. That left traders to focus on the monthly numbers.
The report lifted rate-hike bets for the Fed’s December meeting. CME FedWatch puts the odds of a 25 basis point hike at 90.5%, with a 50 basis point hike at 9.5%.
Liquidations across ETH futures reached $254.8 million. Long positions made up $193.3 million of that total.
ETF flows added pressure. SoSoValue data shows US spot ETH ETFs had $184.5 million in net outflows on Monday, the largest daily total since October 6.
That marked three straight days of ETF outflows. FXStreet also reports six straight weeks of net outflows for the products.
CoinGlass data shows eight straight days of spot market outflows. This means selling has outpaced buying on exchanges for more than a week.
Staking and DeFi Data Tell a Different Story
Bitmine chairman Tom Lee, in a post on X, called ETH’s price action “disappointing” but said it reflects the “impatience of markets.” He listed four reasons he stays positive.
To me, the languishing of $ETH price, while disappointing
is arguably more a reflection of the impatience of markets
– in 2026
– steady and visible progress is made on the tokenization supercycle
– vast majority on Ethereum $ETH
– founder of ethereum @VitalikButerin affirms… https://t.co/b8M1VmrFgy— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) November 10, 2026
Lee pointed to tokenization happening mostly on Ethereum and to Vitalik Buterin’s comment that ETH is a store of value. He also said the bull market is early and that AI and IPOs are not draining inflows, with a 24 to 36 month outlook.
CryptoQuant analyst Pelinay said the staking rate is up about 4.32% since May. The analyst noted that higher staking “may reduce liquid ETH available for selling.”
DeFiLlama data shows Ethereum DeFi TVL reached 19.82 million ETH on November 9, the highest since August 19. It stood at 18.92 million ETH on November 5, a gain of 900,000 ETH in four days.
On X, analyst CryptoBullet said ETH has reached the 0.618 Fib level. He added that, wherever price goes next, not buying some spot ETH here is a mistake.
$ETH has reached the 0.618 Fib level ✅ 👀
Regardless of where it goes next, not buying some spot $ETH here is a mistake https://t.co/bEP5w007ID pic.twitter.com/FZKl93YxK4
— CryptoBullet (@CryptoBullet1) November 10, 2026
On the weekly chart, ETH trades below all its EMAs and has tested support at $2,060. The MACD has formed a sell signal, and a close under that support could open a path to the 123.6% Fib at $1,800.
On the daily chart, the RSI is near 30 and the Stochastic Oscillator is in the low teens. The 20-, 50- and 100-day EMAs sit between roughly $2,270 and $2,360.
Resistance sits at $2,101, $2,204 and $2,250, with a dense zone from $2,332 to $2,359. Immediate support is at $1,971, and a break below it exposes $1,827.
