Ethereum experiencing reduced utilization, major cause for consistent price drop
at this time is not showing the true impact of these impressive network fundamentals. Explaining why this may be so, the analyst said ETH is also seeing a rejection in the total number of average active users in the network.
According to him, this suggests weaker network fundamentals and reduced utilization. With reduced utilization, the total number of users demanding Ethereum is also correlatively reduced, showcasing as slowing price gain.The price of Ethereum is just one metric to show the dominance of the blockchain protocol. For what it's worth, the blockchain network and its ecosystem remain the most important in the industry today.
The emergence and continuous evolution of Layer 2 protocols is a testament to the growing commitment to building the inherent utility surrounding the blockchain. While not directly a beneficiary of technological advancement in Polygon zkEVM, Optimism and Arbitrum, among others, it is definitely an indirect beneficiary.
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