Ethereum Price Bottom Call: Tom Lee Says It is Hours Away

Key Insights:

• Tom Lee’s analyst predicts Ethereum price bottom within hours near $4,300
• BitMine Immersion buys 4,871 ETH worth $21.3M bringing total to 1.72M
• Strategic Ethereum Reserve entities hold 4.3M ETH valued at $19 billion

Tom Lee says Ethereum bottom is hours away as BitMine buys 4,871 ETH worth $21.3 million.

Fundstrat’s Mark Newton CMT predicts ETH should bottom near $4,300 within 12 hours before pushing toward new highs.

Mark Newton Predicts Ethereum Price Bottom at $4,300

Fundstrat’s Mark Newton CMT believes ETH presents a good risk-reward opportunity at current levels around $4,300.

The analyst shared high skepticism about ETH breaking the trend or falling below the August 18 low of $4,067. Newton has mentioned that this level is important for maintaining bullish outlook.

The analysis suggests ETH should bottom within the next 12 hours near the $4,300 support zone. Newton expects this consolidation to provide the foundation for a push new price highs.

Following the expected bottom formation, Newton projects ETH will push back toward new highs above $5,100.

The ultimate target range extends to $5,400-$5,450. This analysis assumes the $4,300 support level holds during current market volatility.

The prediction comes as ETH fell 4.3% to $4,400 and Bitcoin dropped below $110,000 to $109,000 in recent trading.

BitMine Leads Institutional ETH Accumulation

According to Arkham Intelligence data, BitMine Immersion Technologies bought 4,871 ETH for $21.3 million during Tuesday’s market decline.

With this purchase, the business now owns 1.72 million Ethereum. The holding is worth almost $7.5 billion as per the ETH price at press time.

The mining company disclosed on Monday that it increased total crypto and cash holdings by $2.2 billion reaching $8.8 billion in assets.

BitMine also added over 190,500 ETH during the past week as part of its strategy. The company holds the largest individual position among Strategic Ethereum Reserve entities.

BitMine’s holdings represent a 202.4% gain over the past 30 days which shows both price appreciation and continued accumulation.

The accumulation approach contrasts with typical corporate treasury management by focusing specifically on Ethereum rather than diversified crypto holdings.

Strategic Reserves Control 4.3M ETH, Can Ethereum Price be Affected?

A total of 71 entities participate in Strategic Ethereum Reserve holdings controlling 4.3 million ETH valued at $19 billion.

As per the data from Strategic ETH Reserve, these participants account for 3.56% of total Ethereum supply and shows substantial concentration among institutional holders.

SharpLink Gaming ranks second with 740.8K ETH worth $3.27 billion showing 105.3% gains over 30 days. The Ether Machine holds 345.4K ETH valued at $1.53 billion with 8% monthly returns.

Ethereum Foundation holds 231.6K ETH worth $1.02 billion despite 2.5% recent. PulseChain Sac and Coinbase round out major holders with 166.3K ETH and 136.8K ETH respectively.

Coinbase’s position shows exchange reserves wherease other entities pursue active treasury strategies. The diverse participant mix includes mining companies, gaming platforms, foundations, and exchanges.

In other Ethereum news, ETF flows showed reversal patterns with 105K ETH outflows last week according to Glassnode data. SoSo Value data also shows that the daily ETF inflows have reversed in the last three days.

August 21, 22 an 25th recorded $287.61 million, $341.16 million and $443.91 million in daily net inflows. This is quite opposite to the four days of outflows from August 15-20.

However, this week opened positively with 16.9K ETH inflows on Monday indicating renewed institutional interest.

Analysts identify $4,300 as critical daily support with potential bounce toward $4,740.