diff --git a/esphome/components/ethernet/__init__.py b/esphome/components/ethernet/__init__.py
index 79ee48f32b..9b7a086d8d 100644
--- a/esphome/components/ethernet/__init__.py
+++ b/esphome/components/ethernet/__init__.py
@@ -79,7 +79,7 @@ CONFIG_SCHEMA = cv.All(
                 CLK_MODES, upper=True, space="_"
             ),
             cv.Optional(CONF_PHY_ADDR, default=0): cv.int_range(min=0, max=31),
-            cv.Optional(CONF_POWER_PIN): pins.gpio_output_pin_schema,
+            cv.Optional(CONF_POWER_PIN): pins.internal_gpio_output_pin_number,
             cv.Optional(CONF_MANUAL_IP): MANUAL_IP_SCHEMA,
             cv.Optional(CONF_DOMAIN, default=".local"): cv.domain_name,
             cv.Optional(CONF_USE_ADDRESS): cv.string_strict,
@@ -118,8 +118,7 @@ async def to_code(config):
     cg.add(var.set_use_address(config[CONF_USE_ADDRESS]))
 
     if CONF_POWER_PIN in config:
-        pin = await cg.gpio_pin_expression(config[CONF_POWER_PIN])
-        cg.add(var.set_power_pin(pin))
+        cg.add(var.set_power_pin(config[CONF_POWER_PIN]))
 
     if CONF_MANUAL_IP in config:
         cg.add(var.set_manual_ip(manual_ip(config[CONF_MANUAL_IP])))
diff --git a/esphome/components/ethernet/ethernet_component.cpp b/esphome/components/ethernet/ethernet_component.cpp
index e3baa417df..c125b45ec1 100644
--- a/esphome/components/ethernet/ethernet_component.cpp
+++ b/esphome/components/ethernet/ethernet_component.cpp
@@ -29,10 +29,6 @@ void EthernetComponent::setup() {
   // Delay here to allow power to stabilise before Ethernet is initialised.
   delay(300);  // NOLINT
 
-  if (this->power_pin_ != nullptr) {
-    this->power_pin_->setup();
-  }
-
   esp_err_t err;
   err = esp_netif_init();
   ESPHL_ERROR_CHECK(err, "ETH netif init error");
@@ -47,6 +43,8 @@ void EthernetComponent::setup() {
   eth_phy_config_t phy_config = ETH_PHY_DEFAULT_CONFIG();
 
   phy_config.phy_addr = this->phy_addr_;
+  if (this->power_pin_ != -1)
+    phy_config.reset_gpio_num = this->power_pin_;
 
   mac_config.smi_mdc_gpio_num = this->mdc_pin_;
   mac_config.smi_mdio_gpio_num = this->mdio_pin_;
@@ -96,11 +94,6 @@ void EthernetComponent::setup() {
   /* start Ethernet driver state machine */
   err = esp_eth_start(this->eth_handle_);
   ESPHL_ERROR_CHECK(err, "ETH start error");
-
-  if (this->power_pin_ != nullptr) {
-    this->orig_power_control_fun_ = phy->pwrctl;
-    phy->pwrctl = EthernetComponent::eth_phy_power_control;
-  }
 }
 
 void EthernetComponent::loop() {
@@ -169,7 +162,8 @@ void EthernetComponent::dump_config() {
 
   ESP_LOGCONFIG(TAG, "Ethernet:");
   this->dump_connect_params_();
-  LOG_PIN("  Power Pin: ", this->power_pin_);
+  if (this->power_pin_ != -1)
+    ESP_LOGCONFIG(TAG, "  Power Pin: %u", this->power_pin_);
   ESP_LOGCONFIG(TAG, "  MDC Pin: %u", this->mdc_pin_);
   ESP_LOGCONFIG(TAG, "  MDIO Pin: %u", this->mdio_pin_);
   ESP_LOGCONFIG(TAG, "  Type: %s", eth_type.c_str());
@@ -277,12 +271,6 @@ void EthernetComponent::start_connect_() {
   this->connect_begin_ = millis();
   this->status_set_warning();
 }
-esp_err_t EthernetComponent::eth_phy_power_control(esp_eth_phy_t *phy, bool enable) {
-  global_eth_component->power_pin_->digital_write(enable);
-  // power up takes some time, datasheet says max 300µs
-  delay(1);
-  return global_eth_component->orig_power_control_fun_(phy, enable);
-}
 
 bool EthernetComponent::is_connected() { return this->state_ == EthernetComponentState::CONNECTED; }
 
@@ -319,7 +307,7 @@ void EthernetComponent::dump_connect_params_() {
 }
 
 void EthernetComponent::set_phy_addr(uint8_t phy_addr) { this->phy_addr_ = phy_addr; }
-void EthernetComponent::set_power_pin(GPIOPin *power_pin) { this->power_pin_ = power_pin; }
+void EthernetComponent::set_power_pin(int power_pin) { this->power_pin_ = power_pin; }
 void EthernetComponent::set_mdc_pin(uint8_t mdc_pin) { this->mdc_pin_ = mdc_pin; }
 void EthernetComponent::set_mdio_pin(uint8_t mdio_pin) { this->mdio_pin_ = mdio_pin; }
 void EthernetComponent::set_type(EthernetType type) { this->type_ = type; }
diff --git a/esphome/components/ethernet/ethernet_component.h b/esphome/components/ethernet/ethernet_component.h
index abf8b7791f..409dbd8ca5 100644
--- a/esphome/components/ethernet/ethernet_component.h
+++ b/esphome/components/ethernet/ethernet_component.h
@@ -45,7 +45,7 @@ class EthernetComponent : public Component {
   bool is_connected();
 
   void set_phy_addr(uint8_t phy_addr);
-  void set_power_pin(GPIOPin *power_pin);
+  void set_power_pin(int power_pin);
   void set_mdc_pin(uint8_t mdc_pin);
   void set_mdio_pin(uint8_t mdio_pin);
   void set_type(EthernetType type);
@@ -63,11 +63,9 @@ class EthernetComponent : public Component {
   void start_connect_();
   void dump_connect_params_();
 
-  static esp_err_t eth_phy_power_control(esp_eth_phy_t *phy, bool enable);
-
   std::string use_address_;
   uint8_t phy_addr_{0};
-  GPIOPin *power_pin_{nullptr};
+  int power_pin_{-1};
   uint8_t mdc_pin_{23};
   uint8_t mdio_pin_{18};
   EthernetType type_{ETHERNET_TYPE_LAN8720};
@@ -80,8 +78,6 @@ class EthernetComponent : public Component {
   uint32_t connect_begin_;
   esp_netif_t *eth_netif_{nullptr};
   esp_eth_handle_t eth_handle_;
-
-  std::function<esp_err_t(esp_eth_phy_t *, bool)> orig_power_control_fun_;
 };
 
 // NOLINTNEXTLINE(cppcoreguidelines-avoid-non-const-global-variables)