Market analyst Michaël van de Poppe has drawn attention to an important divergence unfolding between Ethereum and Bitcoin. According to him, Ethereum has been unusually stable compared to Bitcoin over the past several weeks, even as broader market sentiment weakened significantly.
Van de Poppe noted that Ethereum has been “flatlining” against Bitcoin instead of declining, which stands out because in a standard bear market, a higher-beta asset like ETH typically moves more aggressively to the downside. If Bitcoin drops around 25% in two weeks, the expectation would normally be for Ethereum to fall 40–45%. Since that didn’t happen, the analyst suggests that something unique has been suppressing Bitcoin specifically, rather than dragging down the entire market.
He added that if this dynamic continues, Ethereum could potentially flip the narrative by outperforming Bitcoin on any rebound, something he believes traders should monitor closely.
A Closer Look at the ETH/BTC Chart
Van de Poppe’s chart outlines an accumulation zone where Ethereum has consistently found support against Bitcoin. The pair is currently sitting inside a gray “ideal buy zone” slightly above 0.032 BTC, an area that previously launched a major 144% rally during the summer.
The chart shows ETH/BTC grinding sideways along this support band, with repeated wicks into the lower boundary but no confirmed breakdown. This behavior typically signals that sellers are losing strength while buyers continue to defend the region. The moving averages on the chart are flattening as well, reinforcing the idea of compression before a potential move.
Below the current level, the chart highlights deeper historical support at 0.026 BTC and 0.019 BTC, both of which served as strong reversal points earlier in the cycle. However, van de Poppe’s analysis suggests these lower areas are unlikely to be tested unless Bitcoin experiences another severe leg down.
What a Bounce Could Mean for Ethereum
If ETH/BTC respects this support zone and begins pushing upward, the reversal could signal the early stages of a broader shift in market leadership. Van de Poppe argues that an Ethereum bounce from this level, combined with outperformance against Bitcoin, would be a strong indication that the current cycle is not finished.
He believes this type of setup typically appears in moments where Bitcoin is heavily oversold, market panic is elevated, and capital starts rotating toward assets with stronger relative strength. If Ethereum starts making higher lows on this pair, it could trigger an acceleration that historically precedes altcoin rotations.
Cycle Outlook Remains Intact
Van de Poppe concludes by stating that the ETH/BTC support zone remains one of the most important charts to watch. If Ethereum defends this level and rallies, it would signal that the broader market cycle still has significant upside ahead. However, losing this support would weaken the bullish case and raise the probability of a deeper corrective phase.
For now, Ethereum’s unusual resilience against Bitcoin is the key story, one that could play a major role in setting the tone for the next phase of the crypto market.