The theory of Ethereum's "death," based on its prolonged decline against Bitcoin, is unfounded, according to MN Trading founder Michaël van de Poppe. He stated that the current trajectory of the asset mirrors the market pattern of 2019.

$ETH is called dead, as it has been trending downwards for four years against #Bitcoin.

However, since April '25, it has bottomed out and we're already in an #Ethereum market.

Comparable to 2019. pic.twitter.com/G4z512IjN8

— Michaël van de Poppe (@CryptoMichNL) January 11, 2026

“Since April 2025, the market has hit bottom, and we are already in the growth phase for Ethereum,” wrote van de Poppe.

The ETH/BTC chart shows that after hitting a low in April (0.017), the price recovered to 0.043 in August, but then retreated to 0.034 amid an October market correction.

Van de Poppe highlighted the increase in stablecoin volume on the Ethereum network as a key argument for growth.

The stablecoin supply on $ETh has seen an increase of more than 65% over 2025.

It's doubled since the peak in 2021.

Yet, price isn't picking up, but I'm buying.

Watch the update here:https://t.co/mYMwkKdnA8 pic.twitter.com/NEx9uPkMQH

— Michaël van de Poppe (@CryptoMichNL) January 11, 2026

Van de Poppe noted that the supply of stablecoins on the network increased by over 65% in 2025, having doubled since the peak in 2021.

According to DefiLlama, the total market capitalization of stablecoins on the Ethereum blockchain has surpassed $164 billion, with Tether's USDT holding a 52% market share.

Token Terminal statistics also indicate significant adoption: in just one quarter at the end of 2025, the network processed transfers totaling $8 trillion.

BREAKING: The stablecoin transfer volume on @ethereum surpassed $8 trillion in Q4, marking a new all-time high. pic.twitter.com/CzXBO9bt0W

— Token Terminal 📊 (@tokenterminal) January 4, 2026

As of this writing, the second-largest cryptocurrency is trading at $3118 (+0.3% over the past day).

15-minute ETH/USDT chart from Binance. Source: TradingView.

It’s worth noting that analyst CryptoOnchain stated that weak institutional demand has deprived Ethereum of chances for rapid growth.