[Analysis] Ethereum flashes rebound signals… “A trajectory similar to the 2019 cycle”

An analysis suggests that Ethereum (ETH) has reversed its price trajectory after bottoming in April 2025, exhibiting a cycle similar to that seen in 2019.

According to Cointelegraph on the 12th (local time), crypto market analyst Michaël van de Poppe said, “Ethereum’s price structure and on-chain metrics are indicating bullish signals over the medium to long term.”

Van de Poppe cited as key evidence the simultaneous expansion of stablecoins, real-world asset (RWA) tokenization, and developer activity on the Ethereum network. “Over the course of 2025, the supply of Ethereum-based stablecoins has increased by more than 65%, and is roughly double the level seen at the 2021 peak,” he said, explaining that network utilization is structurally rising.

Data show that the market capitalization of stablecoins on Ethereum stands at about $163.9 billion, with more than half accounted for by Tether (USDT). In addition, Ethereum processed roughly $8 trillion in stablecoin transfers in the fourth quarter of 2024 alone, reinforcing its role as a payments and settlement infrastructure.

Market sentiment is also in focus, as a short-term rebound emerged shortly after pessimism that “Ethereum is finished” spread. Ethereum at one point reclaimed the $3,300 level and moved above its 365-day moving average, but after a pullback it is again trading around $3,100. Van de Poppe interpreted this not as a breakdown of the trend but as a correction within the cycle.

In particular, the ETH/BTC ratio—a gauge of Ethereum’s relative value versus Bitcoin—formed a bottom around 0.017 in April 2025 and rose to 0.043 by August. It later slid to around 0.034 amid the sharp market sell-off in October, but he said “this pattern closely resembles the formation of the ETH/BTC bottom in 2019,” adding that “back then, a rebound phase unfolded after a prolonged downturn.”

On-chain analytics firm Santiment likewise assessed that “investor sentiment toward Ethereum currently resembles the pattern seen just ahead of past major rallies.” The view is that, with network fundamentals strengthening even as price declines coincide with pessimism, Ethereum may be poised to enter another distinct market phase.