The value of Ether (ETH), the native cryptocurrency of the Ethereum layer-1 blockchain community, bottomed out in April 2025, and its value motion mirrors the 2019 cycle, in accordance with market analyst Michaël Van De Poppe.
A surge in stablecoins, tokenized real-world belongings (RWAs), that are conventional or bodily belongings represented as tokens on a blockchain, and developer exercise on the Ethereum community are causes to be bullish on Ethereum’s value, Van De Poppe mentioned.
“The stablecoin provide on Ethereum has seen a rise of greater than 65% in 2025. It is doubled because the peak in 2021,” he wrote in a Sunday X submit.
The entire stablecoin market capitalization on Ethereum is over $163.9 billion, with about 52% of the market cap dominated by stablecoin issuer Tether’s USDt (USDT) dollar-pegged stablecoin, in accordance with DeFiLlama.
Ethereum processed about $8 trillion in stablecoin switch quantity in This autumn 2024 alone, in accordance with Token Terminal.
The contrarian evaluation of investor sentiment that ETH is useless or dying adopted ETH briefly, tapping $3,300 and breaking above its 365-day shifting common, earlier than falling again to about $3,100, the worth on the time of publication.
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The ETH-BTC ratio mirrors the 2019 cycle
“ETH is named useless, because it has been trending downwards for 4 years in opposition to Bitcoin (BTC). Nonetheless, since April 2025, it has bottomed out, and we’re already in an Ethereum market,” Van De Poppe mentioned.
He shared a chart of the Ethereum-Bitcoin (ETH-BTC) ratio, a metric that tracks the worth and energy of ETH in opposition to BTC, which bottomed in April, round 0.017, earlier than rallying to an area excessive of 0.043 in August 2025.
The ratio climbed again right down to 0.034, the extent on the time of this writing, following a market-wide crash in October that disrupted the upward value pattern in crypto markets.
Present investor sentiment about Ethereum is just like investor sentiment patterns that preceded earlier value rallies, in accordance with crypto market evaluation firm Santiment.
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