In a recent analysis, cryptocurrency market expert Michaël Van De Poppe highlighted a significant shift in the Ethereum market, suggesting that it is poised for a revival. According to Van De Poppe, the price of ether (ETH) reached a low point in April 2025, echoing patterns observed during the 2019 market cycle.
The analyst pointed to several factors contributing to this optimistic outlook, including a notable increase in stablecoin activity on the Ethereum network. Van De Poppe noted that the stablecoin supply on Ethereum has surged by more than 65% in 2025, effectively doubling since the market peak in 2021. As of now, the total market capitalization for stablecoins on Ethereum stands at over $163.9 billion, with Tether”s USDt (USDT) accounting for approximately 52% of this figure, as reported by DeFiLlama.
In the fourth quarter of 2024 alone, Ethereum facilitated around $8 trillion in stablecoin transfer volume, according to data from Token Terminal. Despite some prevailing skepticism among investors about ETH”s potential, the cryptocurrency temporarily climbed to $3,300, breaking above its 365-day moving average, before settling around $3,100 at the time of this writing.
Van De Poppe emphasized the significance of the ETH-BTC ratio, which reflects the performance of ether against bitcoin (BTC). He noted that while ETH has faced a downward trend against BTC over the past four years, it appears to have bottomed out since April 2025. The ratio, which reached around 0.017 in April, has rebounded to a local high of 0.043 in August 2025, before retracting to approximately 0.034 following a broader market downturn in October.
Current market sentiment surrounding Ethereum mirrors patterns seen in previous price rallies, suggesting that the environment may be ripe for a resurgence. As the community observes these trends, many are left wondering how high ETH might climb in the future.
