Ethereum's network activity has slowed, with internal contract calls decreasing from 9.5 million and daily transaction counts falling to 412,000. Network growth has also declined, with new addresses dropping from 150,000 to 37,000. Despite these declines, Ethereum's structural strength may persist if daily transactions remain above 1 million. Santiment reports a negative weighted sentiment of –0.35, while CoinGlass notes dense liquidation bands between $4,400 and $4,600 on the ETH/USDT pair, indicating potential volatility. The slowdown is viewed as a stabilization phase, with long-term fundamentals like ETF inflows and institutional adoption remaining strong.