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In April 2025, Ether (ETH), the Ethereum layer-1 blockchain network’s native cryptocurrency, a price that “lowed out” and its price action is equivalent to the 2019 cycle,” market analyst Michal Van De Poppe said.
A boom in stablecoins, tokenized real-world assets (RWAs), traditional or physical assets that are traditionally represented as tokens on a blockchain and developer activity on Ethereum’s price is bullish for being bully on the price of it, Van De Poppe said.
In 2025, the stablecoin supply on Ethereum has increased by over 65%. He wrote in a Sunday-X article that it’s doubled since its top in 2021.
The stablecoin market cap on Ethereum. Source: DeFiLlama
The Ethereum market capitalization on the stablecoin markets is over $1633, total. DeFiLlama said 9 billion, about 52% of the market cap dominated by stablecoin issuer Tether’s USDt (USDT) dollar-pegged stable coin.
Ethereum processed about $8 trillion in stablecoin transfer volume in Q4 2024 alone, according to Token Terminal.
ETH was briefly followed by the contrarian analysis of investor sentiment that ‘ETH is dead or dying’ (Tapping $3,300 and breaking its 365-day moving average), before falling back to about $3.100, the price at the time of publication).
ETH popped up above the 365-day EMA before falling back to the $3,100 level. Source: TradingView
Related: ETH price to $5K next? Ether rallied 120% the last time this happened
The ETH-BTC ratio mirrors the 2019 cycle
Eth, which has been trending down for four years against Bitcoin (BTC), is dubbed dead as “ETH” and its tendency to fall under the knife. Nevertheless, since April 2025 it has fallen out and we’re already in an Ethereum market,” Van De Poppe said.
he shared his chart of the Ethereum–Bitcoin (ETH-BTC) ratio, an indicator which tracks prices and strength for BTC that fell in April about 0. After rallying to 0 at a local high, 017 was the first . August 2025 – 043 .
The ETH-BTC ratio bottomed out in April 2025 and rallied. Source: Michael Van De Poppe
It then went down to 0 and the ratio fell back to 0. During this writing, the level was 034 at the time of this article, after a market-wide crash in October disrupted an increase price trend that had been seen in crypto markets.
According to crypto market analysis company Santiment, current investor sentiment about Ethereum is similar to investor patterns that preceded previous price rallies.
Magazine: Ethereum’s Fusaka fork explained for dummies: What the hell is PeerDAS?
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