Ethereum Price Forecast: ETH falls to $2,000 following October's hot CPI print

Ethereum price today: $2,040

• Ethereum declined toward $2,000 on Tuesday after October's CPI inflation report came in higher than expectations.
• ETH ETFs continued their negative performance after posting six straight weeks of outflows.
• ETH could fall to $1,970 after breaching the $2,100 support.

Ethereum (ETH) dropped toward $2,000 on Tuesday as increasing US inflation and exchange-traded fund (ETF) outflows weighed on the market.

Ethereum extends losses as hot CPI raises Fed hike odds

The top altcoin fell 4% over the past 24 hours, extending its weekly losses to nearly 11%. The move pushed liquidations across ETH futures to $254.8 million, driven by $193.3 million in liquidated long positions.

The decline follows a higher-than-expected Consumer Price Index (CPI) inflation report for October. The metric rose 0.4% monthly above forecasts of 0.3%, according to the Bureau of Labor Statistics. Core CPI increased 0.3% month-on-month, beating estimates of 0.2%. The BLS did not publish annual inflation figures due to the government shutdown in October 2025.

The inflation reading has spiked rate-hike expectations for the Federal Reserve's (Fed) upcoming December meeting. Odds of a 25 basis point increase reached 90.5%, while odds of a 50 basis point hike climbed to 9.5%, per the CME FedWatch tool.

Risk assets such as cryptocurrencies tend to underperform in a high interest rate environment.

Meanwhile, US spot ETH ETFs recorded $184.5 million in net outflows on Monday, their largest daily outflow in over a month, per SoSoValue data. The products have been on a negative weekly streak since the beginning of October, posting sixth straight weeks of net outflows last week.

Ethereum technical outlook: ETH breaches $2,100 support

On the daily chart, ETH maintains a bearish near-term tone as price holds below the 20-, 50-, and 100-day Exponential Moving Averages (EMAs) clustered between roughly $2,270 and $2,360. This configuration suggests rallies are likely to face resistance while the pair remains capped beneath these averages.

The 14-day Relative Strength Index (RSI) dipped toward oversold territory near 30, and the Stochastic Oscillator hovers in the low teens, hinting at stretched downside momentum rather than a confirmed reversal.​

On the topside, initial resistance sits at $2,101, followed by a stronger barrier around $2,204 before the market hits $2,250 and the 20-day EMA near $2,269. Higher up, the 100- and 50-day EMAs at $2,332 and $2,359, coupled with the nearby horizontal cap at $2,355, form a dense supply zone, with further resistance stacked at $2,548, $2,636 and $2,781.

On the downside, immediate support emerges at $1,971, with a break below that level exposing the next key floor around $1,827.

(The technical analysis of this story was written with the help of an AI tool. Know more.)