If you think of complex numbers in their polar form, everything is much simpler. If you know basic calculus, it can be intuitive.

Instead of z = + iy, write z = (r, t) where r is the distance from the origin and t is the angle from the positive x-axis. Now addition is trickier to write, but multiplication is simple: (a,b) * (c,d) = (ab, b + d). That is, the lengths multiply and the angles add. Multiplication by a number (1, t) simply adds t to the angle. That is, multiplying a point by (1, t) is the same as rotating it counterclockwise about the origin by an angle t.

The function f(t) = (1, t) then parameterizes a circular motion with a constant radial velocity t. The tangential velocity of a circular motion is perpendicular to the current position, and so the derivative of our function is a constant 90 degree multiple of itself. In radians, that means f'(t) = (1, pi/2)f(t). And now we have one of the simplest differential equations whose solution can only be f(t) = k * e^(t* (1, pi/2)) = ke^(it) for some k. Given f(0) = 1, we have k = 1.

All that said, we now know that f(t) = e^(it) is a circular motion passing through f(0) = 1 with a rate of 1 radian per unit time, and e^(i pi) is halfway through a full rotation, which is -1.

If you don't know calculus, then consider the relationship between exponentiation and multiplication. We learn that when you take an interest rate of a fixed annual percent r and compound it n times a year, as you compound more and more frequently (i.e. as n gets larger and larger), the formula turns from multiplication (P(1+r/n)^(nt)) to exponentiation (Pe^(rt)). Thus, exponentiation is like a continuous series of tiny multiplications. Since, geometrically speaking, multiplying by a complex number (z, z^(2), z^(3), ...) causes us to rotate by a fixed amount each time, then complex exponentiation by a continuous real variable (z^t for t in [0,1]) causes us to rotate continuously over time. Now the precise nature of the numbers e and pi here might not be apparent, but that is the intuition behind why I say e^(it) draws a circular motion, and hopefully it's believable that e^(i pi) = -1.

All explanations will tend to have an algebraic component (the exponential and the number e arise from an algebraic relationship in a fundamental geometric equation) and a geometric component (the number pi and its relationship to circles). The previous explanations are somewhat more geometric in nature. Here is a more algebraic one.

The real-valued function e^(x) arises naturally in many contexts. It's natural to wonder if it can be extended to the complex plane, and how. To tackle this, we can fall back on a tool we often use to calculate values of smooth functions, which is the Taylor series. Knowing that the derivative of e^(x) is itself immediately tells us that e^(x) = 1 + x + x^(2)/2! + x^(3)/3! + ..., and now can simply plug in a complex value for x and see what happens (although we don't yet know if the result is even well-defined.)

Let x = iy be a purely imaginary number, where y is a real number. Then substitution gives e^x = e^(iy) = 1 + iy + i^(2)y^(2)/2! + i^(3)y^(3)/3! + ..., and of course since i^(2) = -1, this can be simplified:

e^(iy) = 1 + iy - y^(2)/2! - iy^(3)/3! + y^(4)/4! + iy^(5)/5! - y^(6)/6! + ...

So we're alternating between real/imaginary and positive/negative. Let's factor it into a real and imaginary component: e^(iy) = a + bi, where

a = 1 - y^(2)/2! + y^(4)/4! - y^(6)/6! + ...

b = y - y^(3)/3! + y^(5)/5! - y^(7)/7! + ...

And here's the kicker: from our prolific experience with calculus of the real numbers, we instantly recognize these as the Taylor series a = cos(y) and b = sin(y), and thus conclude that if anything, e^(iy) = a + bi = cos(y) + i sin(y). Finally, we have e^(i pi) = cos(pi) + i sin(pi) = -1.