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

Ethereum's price has fallen back to levels not seen in weeks. Today, many traders are asking "why is Ethereum dropping?" and looking to the sell-off shaking the market. However, the most noteworthy thing is finding out who is taking advantage of this dip.

The sell-off is real, and Ethereum's losses are greater than Bitcoin's. Yet, during the sharpest decline of the week, Ethereum—unlike Bitcoin—held its ground, with the largest wallets switching from sellers to buyers.

Ethereum's drop has been severe, but one detail changes the whole picture

Over the past month, ETH's price has fallen about 21%, slightly more than Bitcoin's (BTCUSD) 20% decline. 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 easy observation and where most analysis stops. However, the real story lies in the timing. When the market plunged sharply on June 24, Bitcoin fell below the $59,000 mark, approaching its early June low.

Ethereum, however, did not repeat the same pattern. It formed a higher low and held the support level set at the beginning of the month. This marks the first crack in the bearish market narrative.

Yet, just a new low means little; the situation changes if the selling pressure that caused the decline begins to wane.

Selling weakens, ETH whales turn aggressive

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

Although selling activity picked up again on June 23-24, it was far from the peak on June 5. In other words, the massive selling that triggered the decline is now exhausted.

ETH selling volume weakens:

As sellers weakened, Ethereum whales changed 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 recovered to 125.3 million level.

On-chain analytics tools also show that large wallets withdrew ETH from exchanges during the decline. This is a sign that whales are quietly accumulating the remaining supply.

However, if the network funding these wallets is rapidly draining, whale interest loses its meaning.

Despite the price drop, network activity continues

Ethereum DEX trading volume—the value of trades on decentralized crypto exchanges—rose from $900 million on June 22 to $1.3 billion on June 24, growing about 36% during the market trough. In other words, wallets on the network still have funds; there is no mass exodus.

On the same day, the number of transactions also rebounded to over 390k. This indicates that on-chain trading is active again at the market bottom, showing strong activity despite downward pressure.

Compared to the panic selling around $3 billion on June 5, the recent surge in trading volume presents a calmer and more controlled situation. Unlike the initial wave, this time traders opened positions at the lows without panic.

The network's main layer situation has also not changed. Between June 21 and 24, the daily number of transactions on the Ethereum network remained above 2.7 million, significantly exceeding the 1.9 million recorded the previous week. Meanwhile, the number of active wallets surged to 637k on June 24, a sharp increase from 514k on the previous trading day.

The total stablecoin trading volume on Ethereum remained stable at around $158 billion, with a weekly decline of only 2%. Even with the price retreat, the on-chain dollar-backed assets did not move.

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

Focus on these levels: Ethereum's breakout or decline?

ETH price is currently hovering around $1,655, slightly above the 0.236 Fibonacci level at $1,633.

Key support is $1,551. This level is the "higher low" formed on June 24; during that period, Bitcoin hit a new low, while ETH found support here. It also sits above the $1,505 bottom established in early June.

For buyers to regain control, the price must reclaim the $1,683 level, then $1,724, followed by $1,765. If strong action targets this zone, a price move of about 7% could occur.

Breaking these levels could put Ethereum ahead of Bitcoin in the recovery. However, a low volume environment could lead to a sharp sudden drop. If the daily close falls below $1,551, the higher low pattern would be invalidated, making the $1,505 level relevant again.

The $1,551 support is the dividing line between an early whale-led ETH recovery and a re-decline toward June lows.

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