The prediction appears accurate as Ethereum started recovering above $4,430 shortly after his announcement during the broader $200 billion market cap liquidation event.
Fundstrat’s Tom Lee predicted Ethereum would bottom out “in the next few hours” on Tuesday as his treasury firm BitMine bought another 4,871 tokens worth $21.3 million during the market dip.
Lee’s call came amid a crypto market crash that saw Ethereum tank over 7% to $4,313 on Coinbase. The prediction appears accurate as Ethereum started recovering above $4,430 shortly after his announcement during the broader $200 billion market cap liquidation event.
Mark Newton, Fundstrat’s managing director of technical strategy, supported the outlook, saying Ethereum offered “very good risk/reward” at current levels. Newton expects the token to bottom near $4,300 within 12 hours before pushing toward new highs above $5,100.
BitMine’s latest purchase brings total holdings to 1.72 million Ethereum, worth approximately $7.5 billion. The firm disclosed Monday it increased crypto and cash holdings by $2.2 billion to $8.8 billion, adding over 190,500 Ethereum tokens in the past week alone.
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