So I received the following errors in my Event log of Android Studio and was unable to connect to any of my devices for development purposes.
10:41:46 AM Connection attempts: 1
10:41:51 AM Adb connection Error:EOF
10:41:51 AM Connection attempts: 1
10:41:56 AM Adb connection Error:EOF
10:41:56 AM Connection attempts: 1
10:42:01 AM Adb connection Error:EOF
10:42:01 AM Connection attempts: 1
I have tried restarting Android Studio, rebooting my Mac, killing and restarting adb
but nothing worked.
So I managed to find out why this is happening: I was trying to back up some of my apps from my Android Devices the other day, and to do that, I installed the Helium App on my Mac. Closing the Helium App on my Mac solved the issue. It also explains the 5 second disconnection interval.
I hope that this answer will help some developer out there using Helium save some time in resolving this issue.