Bitcoin ($BTC) and altcoins continue their attempts to recover amid bear market conditions. In the latest wave of recovery, Bitcoin surpassed $72,000 and Ethereum ($ETH) exceeded $2,100.
However, according to the analytics company CryptoQuant, the decline may not be over yet.
According to Julio Moreno, head of research at CryptoQuant, if the bear market continues, the price of Ethereum could fall to $1,500.
According to Julio Moreno, speaking to The Block, if the decline in the cryptocurrency market continues, the price of $ETH could fall to around $1,500 by the end of the third quarter or the beginning of the fourth quarter of 2026.
The analytics company identifies an “adoption paradox,” noting a significant disconnect between network adoption and price performance.
At this point, analysts note that Ethereum’s daily active addresses have recently reached an all-time high, surpassing 2021 bull market levels, but the $ETH price has fallen more than 50% from its cycle peak.
This marks a departure from past trends where increases in network activity typically coincided with price increases.
CryptoQuant concluded that Ethereum has undergone structural changes compared to previous cycles, and these changes could push the price down to $1,500 if the bear market continues.
“In the past, growth in network activity and price increases occurred simultaneously, but now the gap between user growth and price trends is widening.”
Moreno also noted that the higher rate of exchange inflows for $ETH compared to Bitcoin indicates stronger selling pressure on $ETH, which helps explain its underperformance against $BTC.
Moreno concluded by saying, “For $ETH to emerge from the bear market, we need to see positive capital inflows and lower foreign exchange inflows.”
*This is not investment advice.
