Ethereum Bullish Signal: Stablecoin Transactions Mirror 2020 Rally

Crypto analyst Michaël van de Poppe spots a bullish Ethereum signal as stablecoin transactions surge 200%—a pattern that preceded the 2020 ETH rally. Now

A popular crypto analyst says Ethereum is flashing a bullish signal that preceded the 2020 rally. Michaël van de Poppe — who has 819,500 followers on X — highlighted a striking divergence between ETH price and on-chain stablecoin activity.

While Ethereum (ETH) is roughly 30% below recent highs, van de Poppe noted that stablecoin transactions on the Ethereum blockchain have increased by about 200% over the past 18 months. Historically, similar surges in stablecoin flows were recorded ahead of strong price moves, including the 2020 rally, suggesting renewed accumulation and liquidity building.

Stablecoin transactions matter because they often represent dry powder waiting on-chain for entry into spot or derivatives markets. When large amounts of USDC, USDT and other stablecoins move into exchanges or smart-contracts, it can signal growing buying power. Van de Poppe’s observation points to a potential buildup of demand for ETH even while the spot price remains subdued.

That said, on-chain signals are one part of a larger picture. Correlation between stablecoin inflows and rallies exists, but it’s not a guaranteed trigger. Broader macro conditions, ETF approvals, miner activity, network upgrades, and regulatory shifts all influence ETH price action. Traders and investors should treat the signal as a bullish indicator to watch, not definitive proof of an imminent surge.

For those tracking Ethereum momentum, key metrics to monitor include stablecoin transfer volumes, exchange inflows, wallet accumulation by whales, funding rates in derivatives markets, and liquidity on decentralized exchanges. A sustained increase in stablecoin activity combined with improving on-chain fundamentals tends to strengthen the bullish case.

In short, the 200% rise in stablecoin transactions — flagged by Michaël van de Poppe — is a meaningful on-chain development that echoes patterns seen before the 2020 ETH rally. It adds a layer of optimism for Ethereum watchers, but prudence and broader analysis remain essential before making trading decisions. This remains market commentary and not financial advice.

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