The price of Ether (ETH), the native cryptocurrency of the layer 1 Ethereum blockchain network, reached its lowest level in April 2025, and its evolution reflects the 2019 cycle, according to market analyst Michaël Van De Poppe.
An increase 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 bullish on 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 article.
The stable market capitalization on Ethereum. Source: DeFiLlama
The total stablecoin market cap on Ethereum exceeds $163.9 billion, with approximately 52% of the market cap dominated by stablecoin issuer Tether’s (USDT) dollar-pegged stablecoin, according to DeFiLlama.
Ethereum processed approximately $8 trillion in stablecoin transfer volume in the fourth quarter of 2024 alone, according to Token Terminal.
The contrarian analysis of investor sentiment that ETH is dead or dying briefly followed ETH, reaching $3,300 and surpassing its 365-day moving average, before falling back to around $3,100, the price at press time.
ETH appeared above the 365-day EMA before falling back to the $3,100 level. Source: Trading View
Related: ETH price at $5,000 next? Ether rose 120% the last time this happened
ETH-BTC ratio reflects 2019 cycle
“ETH is called dead, because it has been falling for four years against Bitcoin (BTC). However, since April 2025 it has reached its lowest level and we are already in the Ethereum market,” said Van De Poppe.
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 ETH-BTC ratio bottomed in April 2025 and has recovered. Source: Michael Van De Poppe
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 rallies, according to crypto market analytics firm Santiment.
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