The price of Ether (ETH), the native cryptocurrency of the layer 1 Ethereum blockchain network, reached its lowest level in April 2025, and its price action reflects the 2019 cycle, according to market analyst Michaël Van De Poppe.
A surge in stablecoins, tokenized real-world assets (RWA), which are traditional or physical assets represented as tokens on a blockchain, and developer activity on the Ethereum network are reasons to be optimistic about Ethereum’s price, Van De Poppe said.
“The supply of stablecoins on Ethereum saw an increase of more than 65% in 2025. It has doubled since the peak in 2021,” he wrote in a Sunday X. job.
The total market cap of stablecoins on Ethereum exceeds $163.9 billion, with approximately 52% of the market cap dominated by stablecoin issuer Tether’s USDt (USDT) stablecoin pegged to the dollar, according to DeFiLlama.
Ethereum processed approximately $8 trillion in stablecoin transfer volume in the fourth quarter of 2024 alone, according to at the token terminal.
The contrarian analysis of investor sentiment that ETH is dead or dying followed ETH briefly, mining $3,300 and cross its 365-day moving average, before falling back to around $3,100, the price at press time.
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ETH-BTC ratio reflects 2019 cycle
“ETH is being called dead because it has been down for four years against Bitcoin (BTC). However, since April 2025 the floor has been reached and we are already in the Ethereum market,” Van De Poppe said.
He shared a chart of the Ethereum-Bitcoin (ETH-BTC) ratio, a metric that tracks the price and strength of ETH relative to BTC, which bottomed in April, around 0.017, before rising to a local high of 0.043 in August 2025.
The ratio has fallen back to 0.034, the level at the time of writing, following a market-wide crash in October that disrupted the upward price trend in crypto markets.
Current investor sentiment towards Ethereum is similar to investor sentiment patterns that preceded previous price increases, according to crypto market analytics firm Santiment.
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