‘We Are in an Ethereum Market’

The price of Ether (), 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, (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 .

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 () dollar-pegged stablecoin, according to .

Ethereum processed about in Q4 2024 alone, to Token Terminal.

The contrarian analysis of investor sentiment that ETH is dead or dying followed and breaking above its 365-day moving average, before falling back to about $3,100, the price at the time of publication.

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“ETH is called dead, as it has been trending downwards for four years against Bitcoin (). However, since April 2025, it has bottomed out, and we’re already in an Ethereum market,” Van De Poppe .

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 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.

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

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