According to market analyst Michaël Van De Poppe, the worth of Ether (ETH), the native cryptocurrency of the layer-1 blockchain network Ethereum, bottomed in April 2025 and its price motion reflects the 2019 cycle.
An increase in stablecoins, tokenized real-world assets (RWAs), that are traditional or physical assets represented as tokens on a blockchain, and developer activity on the Ethereum network are reasons to be bullish on Ethereum's price, Van De Poppe said.
“Stablecoin supply on Ethereum has increased by greater than 65% in 2025. It has doubled for the reason that peak in 2021,” he wrote in a Sunday X post.
Ethereum stablecoin market cap. Source: DeFiLlama
The total stablecoin market cap on Ethereum is over $163.9 billion, with roughly 52% of the market cap dominated by the US dollar-pegged stablecoin USDt (USDT) from stablecoin issuer Tether, in accordance with DeFiLlama.
According to Token Terminal, Ethereum processed roughly $8 trillion in stablecoin transfer volume within the fourth quarter of 2024 alone.
Contrarian evaluation of investor sentiment that ETH is dead or dying quickly followed ETH, reaching $3,300 and breaking through its 365-day moving average before falling back to around $3,100, the worth on the time of publication.
ETH rose above the 365-day EMA before falling back to the $3,100 level. Source: TradingView
The ETH-BTC ratio reflects the 2019 cycle
“ETH is taken into account dead because it has been in a downtrend against Bitcoin (BTC) for 4 years. However, since April 2025, it has bottomed out and we’re already in an Ethereum market,” Van De Poppe said.
He shared a chart of the Ethereum-Bitcoin ratio (ETH-BTC), a metric that tracks the worth and strength of ETH against BTC, which bottomed at around 0.017 in April before rising to an area high of 0.043 in August 2025.
The ETH-BTC ratio bottomed in April 2025 and recovered. Source: Michael Van De Poppe
After a market-wide crash in October that disrupted the upward price trend in crypto markets, the ratio fell back to 0.034, the extent on the time of writing.
According to crypto market evaluation firm Santiment, current investor sentiment towards Ethereum is analogous to investor sentiment patterns that preceded previous price increases.
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