According to market analyst Michaël Van De Poppe, the price of Ether (ETH), the native cryptocurrency of Ethereum’s Layer 1 blockchain network, bottomed in April 2025, with its price action reflecting the 2019 cycle.
The surge in stablecoins, tokenized real-world assets (RWAs), which are conventional or physical assets represented as tokens on the blockchain, and developer activity on the Ethereum network are all reasons to be bullish on Ethereum’s price, Van De Poppe said.
“Ethereum stablecoin supply has seen an increase of over 65% in 2025. It has doubled since its peak in 2021,” X wrote in Sunday’s issue. post.
The total stablecoin market capitalization on Ethereum is over $163.9 billion, with approximately 52% of the market capitalization dominated by stablecoin issuer Tether, pegged to the dollar in USDt (USDT), according to DeFiLlama.
In the fourth quarter of 2024 alone, Ethereum processed approximately $8 trillion in stablecoin transfer volume, According to to the Token Terminal.
The controversial investor sentiment that ETH is dead or dying followed ETH for a tiny time, reaching $3,300 and above its 365-day moving average, before falling to around $3,100, its price at the time of publication.
Related: ETH price continues to 5 thousand. dollars? The last time something like this happened, ether was up 120%.
The ETH-BTC ratio reflects the 2019 cycle
“ETH is called dead because it has been on a downward trend relative to Bitcoin (BTC) for four years. However, it has bottomed out since April 2025 and we are already in the Ethereum market” – Van De Poppe he said.
He shared a chart of the Ethereum-Bitcoin Ratio (ETH-BTC), an indicator tracking the price and strength of ETH against BTC, which bottomed in April at around 0.017 before rising to a local high of 0.043 in August 2025.
The indicator fell back to 0.034, the level at the time of writing, after the market-wide crash in October disrupted the upward price trend in cryptocurrency markets.
According to cryptocurrency analytics firm Santiment, current investor sentiment on Ethereum is similar to the investor sentiment patterns that preceded previous price increases.
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