A popular crypto analyst says Ethereum is flashing a bullish signal that preceded the 2020 rally.
Michaël van de Poppe tells his 819,500 followers on X that while Ethereum (ETH) is down by 30%, the amount of stablecoin transactions on the blockchain has gone up by 200% over the past 18 months.
“During the first stage of growth, price usually doesn’t follow.
That’s what happened with $ETH in 2019. Absolutely no growth on the markets, and then, during the period where the stablecoin transactions peaked, that’s when price started to follow.
Price follows narrative.That’s what’s going to happen with $ETH in the coming period.”
He says that there’s no better opportunity to be looking at Ethereum given that historical data suggests there’s a massive gap between the asset’s fair price and current value.
“The current valuation of $ETH is just as underpriced (based on the MVRV ratio) as during the following periods:
In all of those cases, this provided a tremendous buying opportunity for this particular asset.”
Ethereum is currently trading at $1,947.56, down by 2.99% over the past 24 hours.
