ETH-BTC ratio bottomed in April, mirrors 2019 cycle: Analyst

The price of Ether (ETH), the native cryptocurrency of the Ethereum layer-1 blockchain network, bottomed out in April 2025, and its price action mirrors the 2019 cycle, according to market analyst Michaël Van De Poppe.

A surge in stablecoins, tokenized real-world assets (RWAs), 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 stablecoin supply on Ethereum has seen an increase of more than 65% in 2025. It’s doubled since the peak in 2021,” he wrote in a Sunday X post.

The stablecoin market cap on Ethereum. Source: DeFiLlama

The total 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, according to DeFiLlama.

Ethereum processed about $8 trillion in stablecoin transfer volume in Q4 2024 alone, according to Token Terminal.

The contrarian analysis of investor sentiment that ETH is dead or dying followed ETH briefly, tapping $3,300 and breaking above 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 is called dead, as it has been trending downwards for four years against Bitcoin (BTC). However, since April 2025, it has bottomed out, and we’re already in an 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 against BTC, which bottomed in April, around 0.017, before rallying to a local high of 0.043 in August 2025.

The ETH–BTC ratio bottomed out in April 2025 and rallied. Source: Michael Van De Poppe

The ratio climbed back down to 0.034, the level at the time of this writing, following a market-wide crash in October that disrupted the upward price trend in crypto markets.

Current investor sentiment about Ethereum is similar to investor sentiment patterns that preceded previous price rallies, according to crypto market analysis company Santiment.

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