I just read an interesting analysis by van de Poppe about what's happening with ETH. The analyst points out something many are not considering: while the price has dropped approximately 30% over the past 18 months, the transaction volume of stablecoins on the network has skyrocketed by 200%. Basically, there's much more activity on the network, but the price hasn't reflected this yet.

van de Poppe compares this to what happened in 2019 with Ethereum. Back then, network activity increased first, and the price stayed still for a while. Then, when the stablecoin volume was at its peak, the price started to rise. According to him, the market doesn't always react immediately to fundamental changes.

What's interesting is that van de Poppe has seen this pattern repeat several times. He mentions June 2022 after the Luna collapse, March 2020 during the pandemic, and December 2018 during the overall market downturn. In all those moments, network activity grew before the price, followed by recovery. For him, this is a bullish signal. With ETH now at $2.18K and showing +48% over the past year, it could be that this pattern is repeating itself again. An interesting perspective to keep in mind right now.