# Ethereum: Ethereum : Price Plunges, DEX Volume Surges 36%

The price of Ethereum has retreated to levels not seen in weeks. Today, many traders asking "Why is Ethereum falling?" have turned their attention to the sharp sell-off shaking the market. However, the most notable aspect is identifying who is seizing the opportunity presented by this decline.

The sell-off is real, and Ethereum has lost more value than Bitcoin. Yet, during the week's sharpest drop, Ethereum—unlike Bitcoin—held its ground, and the largest wallets shifted from sellers to buyers.

Ethereum’s Drop Is Sharp, But One Detail Changes the Whole Picture

Over the past month, the ETH price has retreated by approximately 21%, falling slightly more than Bitcoin (BTCUSD), which lost 20%. On a weekly basis, ETH lost about 5% of its value, while BTC lost 3.7%.

Ethereum currently appears to be the weak link. This is an easily observable detail, and where most analyses stop. However, the real story lies in the timing. As the market took a sharp dive on June 24, Bitcoin broke below the $59,000 mark, approaching its earlier June lows.

Ethereum, on the other hand, did not repeat this breakdown. It established a higher low and defended the support level set at the beginning of the month. This marked the first crack in the market's bearish narrative.

However, a new low level means little on its own; the situation changes if the selling pressure that triggered the decline begins to fade.

Selling Subsides, ETH Whales Go on the Offensive

On June 5, selling volume spiked suddenly, then gradually weakened throughout the month.

Although selling activity picked up again on June 23–24, it did not come anywhere near the peak seen on June 5. In other words, the heavy selling that had ignited the decline had now run out of steam.
ETH Selling Volume Weakens:

As sellers grew exhausted, Ethereum whales shifted direction. Data on ETH holdings in large non-exchange wallets shows that the balance dropped from approximately 125.68 million ETH on June 18 to 125.23 million on June 22. However, during the sharp decline at the end of June, the balance rose again to the 125.3 million level.

On-chain analysis tools also revealed that large wallets were withdrawing ETH from exchanges during the downturn. This picture suggests that whales were quietly accumulating the remaining supply.

However, whale interest loses its significance if the network feeding these wallets is rapidly emptying out.

Network Activity Persisted Despite Price Drop

Ethereum DEX volume—the value of transactions on decentralized cryptocurrency exchanges—rose from $0.9 billion on June 22 to $1.3 billion on June 24, an increase of approximately 36% during the market low. In other words, wallets on the network remain funded; there is no exodus.

Transaction counts also climbed back above 390,000 on the same day. This indicates that on-chain transactions picked up again at the market bottom, demonstrating that activity remained robust despite the downward pressure.
Compared to the panic selling worth approximately $3 billion on June 5, the recent surge in volume presents a calmer, more controlled picture. Unlike the initial wave, there was no sense of panic as traders opened positions at the lows this time around.

The situation on the network's main layer remained unchanged as well. The daily transaction count on the Ethereum network hovered above 2.7 million between June 21 and 24, significantly exceeding the 1.9 million recorded the previous week. Meanwhile, the number of active wallets surged to 637,000 on June 24, marking a substantial increase from the 514,000 seen in the prior session.

The total volume of stablecoins on Ethereum remained steady at approximately $158 billion, with only a 2% decline on a weekly basis. Dollar-backed assets held on-chain did not move, even as prices retreated.

Stable usage and the return of whales to the market strengthen ETH's position. Now, the market awaits confirmation of this outlook from the charts.

All Eyes on These Levels: A Breakout or a Drop for Ethereum?

The price of ETH is currently hovering around $1,655, placing it just above the 0.236 Fibonacci level of $1,633.

The critical support level is $1,551. This level stands out as a "higher low" established on June 24; while Bitcoin was hitting new lows during that period, ETH found support at this point. It also sits above the $1,505 floor established in early June.

For buyers to regain control, the price must reclaim the $1,683 level, followed by $1,724 and then $1,765. If a strong move targets that region, a price shift of approximately 7% could occur.

Surpassing these levels could enable Ethereum to recover ahead of Bitcoin. However, a low-volume trading environment could cause the price to drop sharply and suddenly. If the daily close falls below $1,551, the higher-low formation would be invalidated, bringing the $1,505 level back into focus.

The $1,551 support level stands as the dividing line between an early ETH recovery led by whales and a fresh decline toward the June lows.
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