Summary
- CryptoQuant said Ethereum (ETH) could fall to around $1,500 in the second half of this year if the bear market persists.
- CryptoQuant said the divergence between Ethereum’s daily active addresses and the ETH price is widening, with the token down more than 50% from the cycle peak.
- CryptoQuant said DeFi, stablecoins and Layer 2 scaling, along with smart-contract-based activity, are at record highs, but it is seeing structural features in which this network growth is not translating into price gains.
Forecast Trend Report by Period
Ethereum (ETH) could drop to around $1,500 in the second half of this year if the bear market continues, according to a new outlook.
On the 12th (local time), on-chain analytics firm CryptoQuant said in a recent report that the divergence between rising network activity and price performance for Ethereum is widening.
CryptoQuant explained that "Ethereum’s daily active addresses recently hit an all-time high, surpassing 2021 bull-market levels, but the ETH price is down more than 50% from the cycle peak."
It added that "in previous cycles, increasing network activity and rising prices occurred in tandem, but the gap between user growth and price action is now widening."
It also noted that "smart-contract-driven activity has also reached record highs alongside DeFi, stablecoins and Layer 2 scaling," and said it is seeing "structural features in which this network growth is not translating into price appreciation."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
