Ethereum Struggles Below $2400 as DEX Volume and DApp Revenue Slide

Ethereum trades below $2,400 as DEX volume drops 53%, DApp revenue falls nearly 49%, and rivals gain market share.

Ethereum is struggling below $2,400 as weaker DEX volume, lower DApp revenue, and negative ETF flows weigh on market sentiment.

ETH has also slipped below $2,300, adding pressure on traders and institutions watching for stronger spot demand.

Ethereum Price Remains Under Pressure

Ethereum has traded below the $2,400 level for three months, according to the market data cited.

ETH is down 21% from the start of the year, while the broader crypto market has fallen 11%. The gap shows weaker performance against the wider market.

Traders are watching the $2,400 level because it has become a key resistance area. A move above that level may need strong spot buying.

$ETH has now dropped below the $2,300 level.

ETF flows have flipped negative, and whales are selling too.

For any sustainable rally, Ethereum needs to break above the $2,400 level with strong spot demand. pic.twitter.com/iGdwYGyGy5

— Ted (@TedPillows) May 8, 2026

ETH has now dropped below $2,300, which adds more pressure to short-term market structure.

ETF flows have also turned negative, and whale selling has increased. These trends have made the recovery path harder.

Market analysts are waiting for clearer demand before pricing in a stronger rebound.

DEX Volume and DApp Revenue Slide

DEX activity on Ethereum has weakened over the past six months. The cited data shows DEX volume on the network has fallen 53% during that period.

Lower trading volume can reduce fee income, and it can also weaken liquidity. This matters because Ethereum depends on strong DeFi activity for network demand.

Ethereum đang phát đi tín hiệu đáng lo cho toàn bộ thị trường crypto.

ethereum:native đã mắc kẹt dưới mốc $2.400 suốt 3 tháng, giảm 21% từ đầu năm — tệ hơn nhiều so với mức giảm 11% của toàn thị trường.

Trong khi đó:
• Volume DEX trên Ethereum giảm 53%… pic.twitter.com/xjye4gM9cZ

— DongPham (@phamduydong179) May 8, 2026

DApp revenue has also dropped nearly 49%, based on the figures provided. That decline points to softer user activity across apps built on Ethereum.

At the same time, Solana and Hyperliquid are gaining share. The two networks are said to capture up to 42% of DApp revenue market share.

Faster and cheaper chains have gained users because transaction costs remain a key issue. Ethereum still has scale, but user activity is moving across several networks.

Read Also:

Whales Accumulate 140000 Ethereum as ETH Buying Spree Gains Momentum

Ethereum Still Leads in TVL

Ethereum remains the largest DeFi network by total value locked. The cited data says its TVL is six times larger than its closest rival.

This gives Ethereum a strong base in lending, staking, trading, and other DeFi services. It also shows that large capital pools still sit on Ethereum.

However, capital flows and user activity are shifting in parts of the market. Traders are using other chains for faster transactions and lower fees.

The slowdown in memecoin activity has also reduced liquidity in the Ethereum ecosystem.

The number of newly issued tokens has dropped, and speculative trading has cooled.

Institutional pressure has also entered the discussion. BitMine, described as the largest corporate ETH holder, is reportedly facing losses of about $1.4 billion.

For now, Ethereum remains central to DeFi, but ETH needs stronger demand. A sustained recovery may depend on a break above $2,400, backed by spot buying.