Ethereum's revenue has declined significantly despite a 73% price increase in the third quarter, according to Messari researcher AJC. In August, Ethereum's revenue fell to $39.2 million, a 75% decrease from August 2023 and a 30% drop from August 2024, marking the lowest revenue since January 2021. AJC argues that metrics such as active addresses and throughput are not significant indicators of Ethereum's performance. While some Messari analysts noted positive trends in active addresses and transaction counts, AJC highlighted that stablecoin supply and Layer 2 scaling have limited impact without increased user demand. The report underscores that these findings are not investment advice and cautions about the inherent risks in cryptocurrency trading.