Ethereum Ratio Follows 2019 Pattern After April Low
Crypto analyst Michaël van de Poppe believes the Ethereum-Bitcoin ratio is following a pattern similar to 2019 after hitting its bottom in April 2025. The ratio has declined from its local peak of 0.043 in August 2025, but remains higher than its April low of 0.017. This trajectory mirrors the market cycle of 2019.
Rising stablecoin supply on Ethereum is one reason for bullish sentiment around Ether. Stablecoin supply jumped over 65% in 2025, doubling levels seen at the 2021 peak. The total stablecoin market cap on Ethereum exceeds $163.9 billion, with Tether's USDT making up roughly 52% of that figure.
Contrarian analysis suggests investor sentiment around Ether being dead or dying often precedes price rallies. Van de Poppe notes that the current investor sentiment mirrors patterns that appeared before previous Ethereum price rallies.