Ethereum network dips to 6-month low – Here’s how it affected ETH

Ethereum's network usage has hit a six-month low as activity shifts to Layer 2 networks, aligning with Vitalik Buterin's scalability roadmap. This decline in network activity has led to a drop in Ethereum's fees and overall blockchain revenue. Concurrently, Ethereum's price has fallen by over 6%, with bearish market sentiment and a potential sell-off indicated by increased exchange inflows and a reduction in large balance addresses.