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Ethereum (ETH) was heavily impacted by the crash in the final months of 2025, falling from over $4,000 to levels around $2,600.
However, an analysis revealed that Ethereum reversed its price trend after bottoming out in April 2025, exhibiting a cycle similar to the one seen in 2019.
According to popular analyst Michaël van de Poppe, Ethereum’s price structure and on-chain data are giving bullish signals in the medium to long term.
According to Poppe, Ethereum reached its bottom in April 2025, and its price movement mirrors the 2019 cycle.
At this point, Poppe stated that the supply of Ethereum-based stablecoins is projected to increase by more than 65% by 2025, developer activity on the network is increasing, and the market capitalization is expected to reach approximately $163.9 billion. Poppe noted that all of these factors provide significant reasons to be optimistic about the ETH price.
“Ethereum’s price structure and on-chain metrics are giving bullish signals in the medium to long term.”
Poppe, specifically drawing attention to the ETH/BTC ratio, stated, “The ETH/BTC ratio formed a bottom around 0.017 in April 2025 and rose to 0.043 by August. It then retreated to around 0.034 during the sharp market downturn in October. This pattern is very similar to the ETH/BTC bottom formation in 2019, when there was a recovery phase following a prolonged decline.”
*This is not investment advice.