{"id":59141,"date":"2026-01-12T10:13:40","date_gmt":"2026-01-12T03:13:40","guid":{"rendered":"https:\/\/hbbgroup.net\/eth-btc-ratio-bottomed-in-april-mirrors-2019-cycle-analyst\/"},"modified":"2026-01-12T10:13:40","modified_gmt":"2026-01-12T03:13:40","slug":"eth-btc-ratio-bottomed-in-april-mirrors-2019-cycle-analyst","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/eth-btc-ratio-bottomed-in-april-mirrors-2019-cycle-analyst\/","title":{"rendered":"ETH-BTC ratio bottomed in April, mirrors 2019 cycle: Analyst"},"content":{"rendered":"
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The price of Ether (ETH<\/a>), 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 Micha\u00ebl Van De Poppe.<\/p>\n

A surge in stablecoins, tokenized real-world assets<\/a> (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\u2019s price, Van De Poppe said.<\/p>\n

\u201cThe stablecoin supply on Ethereum has seen an increase of more than 65% in 2025. It’s doubled since the peak in 2021,\u201d he wrote in a Sunday X post<\/a>.<\/p>\n

\"Ethereum,
The stablecoin market cap on Ethereum. Source: <\/em>DeFiLlama<\/em><\/a><\/figcaption><\/figure>\n

The total stablecoin market capitalization on Ethereum is over $163.9 billion, with about 52% of the market cap dominated by stablecoin issuer Tether\u2019s USDt (USDT<\/a>) dollar-pegged stablecoin, according to DeFiLlama<\/a>.<\/p>\n

Ethereum processed about $8 trillion in stablecoin transfer volume<\/a> in Q4 2024 alone, according<\/a> to Token Terminal.<\/p>\n

The contrarian analysis of investor sentiment that ETH is dead or dying followed ETH briefly, tapping $3,300<\/a> and breaking above its 365-day moving average, before falling back to about $3,100, the price at the time of publication. <\/p>\n

\"Ethereum,
ETH popped up above the 365-day EMA before falling back to the $3,100 level. Source: <\/em>TradingView<\/em><\/a><\/figcaption><\/figure>\n

Related: <\/strong><\/em>ETH price to $5K next? Ether rallied 120% the last time this happened<\/strong><\/em><\/a><\/p>\n

The ETH-BTC ratio mirrors the 2019 cycle<\/h2>\n

\u201cETH is called dead, as it has been trending downwards for four years against Bitcoin (BTC<\/a>). However, since April 2025, it has bottomed out, and we’re already in an Ethereum market,\u201d Van De Poppe said<\/a>.<\/p>\n

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.<\/p>\n

\"Ethereum,
The ETH-BTC ratio bottomed out in April 2025 and rallied. Source: <\/em>Michael Van De Poppe<\/em><\/a><\/figcaption><\/figure>\n

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.<\/p>\n

Current investor sentiment about Ethereum<\/a> is similar to investor sentiment patterns that preceded previous price rallies, according to crypto market analysis company Santiment. <\/p>\n

Magazine: <\/strong><\/em>Ethereum\u2019s Fusaka fork explained for dummies: What the hell is PeerDAS?<\/strong><\/em><\/a><\/p>\n