Michaël van de Poppe's latest $ETH read centers on something most price-focused traders tend to overlook: the divergence between on-chain activity and market valuation. Stablecoin transaction volumes on Ethereum are expanding. Price isn't reflecting that yet.
According to van de Poppe, this specific combination—network utility growing ahead of price response—mirrors what Ethereum showed in 2019, months before a sustained reprice actually materialized.
What makes this worth paying attention to isn't the prediction itself, but the mechanism behind it. Stablecoin flows indicate real economic activity on the network. When that activity grows while price stays compressed, it suggests demand is building beneath the surface rather than evaporating.
The 2019 parallel isn't a guarantee. Patterns echo, they don't repeat exactly. But the structural similarity between then and now—accelerating network usage, flat price, early-cycle positioning—is the kind of divergence that tends to resolve in one direction eventually. Whether that resolution happens soon or months from now is the part nobody can time cleanly.
