CryptoQuant has projected that if the current bear market persists, Ethereum (ETH) could see its price drop to approximately $1,500 by late Q3 or early Q4 of 2026. The report highlights Ethereum's "adoption paradox," where network adoption rates are significantly diverging from price performance. Despite reaching all-time highs in daily active addresses and smart contract calls last month, ETH's price has fallen over 50% from its cycle peak. CryptoQuant also noted that the "one-year realized market cap" metric, which measures capital inflows, has turned negative. Additionally, the exchange inflow ratio of ETH relative to Bitcoin remains high, indicating substantial selling pressure and capital outflows.