I just read an interesting analysis by van de Poppe about ETH. He says that the current price is around $2,000 and is 30% below what it was 18 months ago, but what's curious is that the volume of stablecoins on the network skyrocketed 200% in the same period. For him, that's a clear bullish signal.

It caught my attention because van de Poppe compares this to what happened in 2019: first the network was activated, the price stayed still, and then it exploded. Basically, he says the market doesn't always react immediately to fundamental changes, but lags behind.

He saw the same pattern at other times: June 2022 after the Luna collapse, March 2020 during the pandemic, December 2018 during the overall downturn. In all those cases, the market offered buying opportunities if you looked at on-chain data.

I don't know, it makes sense. When you see real activity on the network increase but the price doesn't react, it's probably just a matter of time. Van de Poppe seems quite convinced that this will repeat itself with Ethereum now.