Gate News reports that on March 13, on-chain analysis firm CryptoQuant released a research report indicating that Ethereum is facing an “adoption paradox,” where network activity hits record highs while ETH prices plummet. CryptoQuant’s head of research stated that if the bear market continues, ETH could further decline to around $1,500, a level that may occur in late Q3 or early Q4 of this year. Data shows that Ethereum’s daily active addresses hit a record high last month, surpassing the levels seen during the 2021 bull market, yet ETH has fallen over 50% from its recent cycle high. Activity generated by smart contracts and automated protocols has also surged, with internal contract calls reaching a record high last month, but the positive correlation between ETH price and contract-driven activity has weakened. CryptoQuant pointed out that exchange inflows are a better indicator of ETH price movements than network activity metrics, and the relatively high exchange inflow ratio of ETH compared to Bitcoin indicates stronger relative selling pressure. Ethereum’s market cap change over the past year has recently turned negative, suggesting capital is flowing out. The research head said that ETH needs to see positive capital inflows and lower exchange inflows to exit the bear market.
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