ETH could fall to $1.5K if bear market persists, says analyst

The price of ETH could fall to $1,500 in the second half of this year if the cryptocurrency bear market continues, according to on-chain analytics firm CryptoQuant. The firm explained that while Ethereum's daily active addresses recently hit an all-time high, surpassing 2021 bull market levels, the price of ETH has dropped more than 50% from its cycle peak. This marks a departure from past trends, where increased network activity typically coincided with price appreciation. CryptoQuant highlighted a growing divergence between user growth and price movement, noting that even as smart contract-based activity from DeFi, stablecoins, and Layer 2 scaling pushes internal contract activity to record highs, a structural characteristic is emerging where this network growth fails to translate into a price increase.