Ether (ETH) fell 15.9% in the seven days ending Sunday, triggering about $910 million in liquidations of bullish leveraged positions and raising concerns the $2,800 support could break, even as onchain signals point to renewed demand. Traders and metrics now point to a possible rebound toward $3,200–$3,300 if market activity steadies.
Network fees on Ethereum rose 19% last week while average transaction costs fell to about $0.20, down from $0.50 in November 2025. Data from Nansen shows weekly transactions reached 16.4 million and layer-2 activity hit roughly 128 million, outpacing BNB Chain and Tron (Ed. note: low fees coincided with high transaction throughput).
Weekly decentralized exchange volume on the main chain rose to about $13 billion, up from $8.2 billion four weeks earlier, and the total Ethereum ecosystem recorded roughly $26.8 billion in DEX trades. Solana led with nearly $30 billion in weekly volume, while the December 2025 Fusaka upgrade notably increased data capacity and batch transaction workflows.
Total value locked on Ethereum stayed dominant, signaling investor preference for decentralization. Options markets briefly favored puts after ETH fell below $2,800, then neutralized midweek, according to options data from Laevitas.ch.
Macro conditions differ: the S&P 500 trades near record highs while five-year Treasury yields sit around 3.85%. The CME FedWatch tool shows the odds of Fed cuts to 3.25% by July fell to 28% from 55% last month.
