Ethereum Repeats a Pre-2020 Bull-Market Signal… “Undervalued Zone by MVRV”

YM Lee

Summary

Analyst Michaël van de Poppe said Ethereum is showing on-chain signals similar to those seen just before past bull markets.
He noted that while Ethereum has fallen about 30%, stablecoin transaction volume has risen 200% over the past 18 months, and that in the past the price climbed after activity peaked.
He said that by the MVRV ratio, ETH is in an undervalued zone similar to past major lows, and that those periods offered huge buying opportunities.

Forecast Trend Report by Period

An analysis suggests that Ethereum (ETH) is showing on-chain signals similar to those seen just ahead of past bull markets.

According to the Daily Hodl on the 11th (local time), crypto analyst Michaël van de Poppe said on X that “while Ethereum’s price has fallen about 30%, stablecoin transaction volume on the Ethereum network has risen 200% over the past 18 months.”

He explained that “in the first stage of growth, prices often do not react immediately,” adding that “in 2019, Ethereum barely moved in the market, but after stablecoin activity peaked, the price followed with gains.” He went on to say, “Price follows the narrative. The same pattern will appear in the period ahead as well.”

Van de Poppe argued that Ethereum’s current valuation is comparable to prior major bottoming zones. Citing the MVRV (market value to realized value) ratio, he said that ETH is currently in an undervalued range similar to △the April 2025 plunge △the post-Luna collapse low in June 2022 △the March 2020 COVID crash △the December 2018 bear-market peak.

He added, “All of these moments provided huge buying opportunities for the asset.”

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