Ethereum's price dropped below $2,800 on November 21, 2025, as robust US jobs data dampened expectations for interest rate cuts, triggering widespread sell-offs in the crypto market. The downturn led to significant liquidations and ETF outflows, impacting Ethereum and other major cryptocurrencies like Bitcoin. Derive.xyz CEO Forster highlighted that stricter institutional risk limits prompted the unwinding of leveraged positions in both Bitcoin and Ethereum, exacerbating market volatility. The total long liquidations reached $340.6 million, indicating investor unease and potential longer-term shifts in cryptocurrency valuations.