Ethereum Price Drops as DEX Volume Jumps 36% on Whale Activity
Whales pulled ETH off exchanges while DEX volume climbed 36%. On-chain activity stayed strong, even as the price fell to its lowest level in weeks.
Key Takeaways
- Ethereum fell about 21% in a month, but whales increased their ETH positions during the dip.
- DEX volume rose 36% to around $1.3 billion, while active wallets and transactions increased.
- Key support sits around $1,551; a close below that would bring $1,505 back into focus.
Ethereum has seen a sharp price drop and is now at its lowest level in weeks. Even though the price fell harder than Bitcoin, one notable detail was that the biggest wallets started buying during this dip. That points to an interesting market setup where selling pressure eased while accumulation by whales picked up.
Selling Pressure Eases as Whales Buy
Over the past month, the price of Ethereum fell about 21%, a little more than Bitcoin's nearly 20% drop. During the week of June 23 to June 24, Ethereum slipped almost 5%, compared with 3.7% for Bitcoin. Still, Ethereum held a higher low, while Bitcoin hit a new low around $59,000 (€52,000). That suggests selling pressure on Ethereum was starting to fade.
The biggest wallets, also known as whales, added more Ethereum instead. According to on-chain data, the amount of ETH held by these whales initially dropped, but then recovered during the late-June price decline. Large amounts of ETH were also moved off exchanges, which points to accumulation rather than selling. These moves suggest whales used the dip to buy Ethereum.
Network Activity Rises Despite the Price Drop
At the same time, trading volume on decentralized exchanges (DEX) rose about 36%, from around $0.9 billion (€0.8 billion) on June 22 to $1.3 billion (€1.1 billion) on June 24. Transaction count climbed above 390,000, showing that on-chain activity actually increased, not decreased, during the price drop. The number of active wallets also rose sharply, from 514,000 to about 637,000 on the day of the dip.
The stablecoins parked on Ethereum stayed almost flat at around $158 billion (€139 billion), which suggests there was no major outflow despite the falling price. These numbers support the picture of a network that stays active, with traders and whales using the price drop to build positions. That lines up with the broader picture of a network that is still moving on other fronts too, like the recent healthy network activity despite ongoing ETF outflows.
Key Price Support and Outlook
The price of Ethereum is hovering around $1,655, just above the 0.236 Fibonacci level at $1,633 (€1,440). The key support level is around $1,551 (€1,370), a higher low formed on June 24 that partly broke the bearish trend. That support sits above the earlier June low around $1,505 (€1,330).
For a recovery, buyers need to reclaim $1,683 (€1,480), $1,724 (€1,520), and eventually $1,765 (€1,560). A successful breakout could lead to a modest gain of about 7%. At the same time, volume remains thin, so one heavy sell-off day could push the price down again quickly. A close below $1,551 (€1,370) would break the higher-low structure and bring $1,505 (€1,330) back into view.
These price levels separate a possible early recovery, driven by whales, from another move lower toward the June lows.
Why This Matters for European Crypto Investors
For European crypto investors, the rising activity on Ethereum and accumulation by large wallets could point to possible stabilization despite the recent price pressure. Strong on-chain metrics and the holding of key support levels may matter when judging future price trends across the crypto market, especially now that Ethereum plays an important role in DeFi and other applications in Europe.
