Analyst: ETH/BTC ratio hits bottom in April, reflecting the 2019 cycle
The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, hit its bottom in April 2025. The current price movement of ETH is reflecting the 2019 market cycle, according to analyst Michaël Van De Poppe.
Michaël Van De Poppe believes that the strong growth of stablecoins, asset-backed tokens (RWAs) – which are traditional or physical assets converted into tokens on the blockchain – along with active development on the Ethereum network, are positive factors supporting ETH’s price.
“The stablecoin supply on Ethereum has increased by over 65% in 2025, doubling the peak level of 2021,” he shared on X social media on Sunday.
According to data from DeFiLlama, the total market capitalization of stablecoins on Ethereum has now surpassed $163.9 billion, with about 52% dominated by Tether’s USDT stablecoin.
In just Q4 2024, the Ethereum network processed stablecoin transaction volume reaching up to $8 trillion, according to statistics from Token Terminal.
ETH has broken above the 365-day EMA line before falling back to around $3,100 | Source: TradingViewContrary to the pessimistic sentiment of some investors who believe ETH has “died” or is “weakening,” ETH at one point rose to $3,300, surpassing the 365-day moving average, before adjusting back to around $3,100 – the price at the time this article was published.
ETH-BTC Ratio Repeats 2019 Cycle
“ETH has been considered dead due to its continuous decline against Bitcoin (BTC) over the past four years. However, since April 2025, ETH has bottomed out, and we are witnessing the return of the Ethereum market,” Michaël Van De Poppe stated.
He also shared a chart of the Ethereum-Bitcoin ratio (ETH-BTC), an indicator showing ETH’s price strength relative to BTC. This index hit a bottom at 0.017 in April, then recovered to a local high of 0.043 in August 2025.
The ETH/BTC ratio bottomed in April 2025 and then rebounded | Source: Michael Van De PoppeAfter a strong market correction in October, this ratio decreased to 0.034 – the current level.
According to cryptocurrency market analysis firm Santiment, investor sentiment towards Ethereum currently shows many similarities to previous phases before ETH experienced strong bullish runs in the past.
Mr. Giáo
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