CryptoQuant's latest analysis highlights an 'adoption paradox' for Ethereum, where network activity is at record highs, yet ETH's price has significantly declined. Julio Moreno, Head of Research at CryptoQuant, suggests that if the current bear market continues, Ethereum's price could fall to around $1,500 by late Q3 or early Q4 2026. Despite surpassing previous peaks in daily active addresses and smart contract call volumes, driven by decentralized finance and layer-2 networks, ETH's price has dropped over 50% from its cycle peak. Moreno emphasizes that for Ethereum to recover, net capital inflows must become positive and exchange inflows need to decrease.