Is a $10K ETH Price by Year-End Still Possible?

Key Takeaways:

• According to Lookonchain, Bitmine just bought another 104,336 ETH ($417 million)
• Despite the crypto market crash, Tom Lee still predicts that the ETH price will hit $10,000-12,000 by year-end
• Former BitMEX CEO Arthur Hayes also sees a $10,000 ETH this year as institutions keep accumulating and fundamentals look strong

Even in the wild world of crypto, October 2025 is shaping up to be a month to remember. Ethereum (ETH), the project billed as “decentralized compute for the planet,” has endured one of its sharpest market shakeouts in years. But recent whale activity and persistent optimism from ETH bulls refuse to let the $10,000 ETH price target slip out of sight.

Institutions Scoop Up ETH in the Crash

On October 10, markets felt a violent jolt as the announcement of steep new US tariffs on Chinese imports triggered panic across global risk assets. What followed was crypto’s largest-ever liquidation event, with over $19 billion wiped out in hours.

The ETH price plunged as much as 15%. It briefly hit lows near $3,430 before stabilizing above $4,100 as bargain hunters circled the wreckage.

But in the heart of this churn, some institutional players weren’t shaking out their positions. Quite the opposite: Bitmine Immersion Technologies has stepped in again to buy the dip.

According to transaction records verified by Lookonchain and public block explorers, Bitmine acquired another 104,336 ETH, valued at $417 million, adding to its swelling corporate treasury.

The company’s holdings have surpassed 3 million ETH, now aiming for 5% of the entire supply, more than 2% of all ETH ever issued, painting a picture of institutional conviction in the face of retail panic.

Recent Price Action and Technical Signals

So, is there still a case for a $10,000 ETH price by the end of the year? October’s “Black Weekend” offered a brutal reality check for the market. While ETH slid over 12% in a matter of hours, technical traders soon noticed signs of resilience.

ETH bounced sharply from its $3,430 low, notching a 20% rally into the $4,100s as institutional inflows quietly returned and derivatives positions reset. Ethereum’s on-chain data showed net inflows into ETFs even as markets remained gun-shy.

Support zones around $3,800 to $3,910 have become pivotal. If Ethereum holds these demand areas, the groundwork for a bullish end-of-year move remains intact. Historical data bolsters this case: The ETH price has typically posted 21% average returns in Q4. Past years have seen it rally sharply off crash lows as sentiment flips and new capital enters the market.

$10K ETH Price Prediction: Tom Lee Holds the Line

At the center of Ethereum’s bullish conversation is Tom Lee, co-founder of Fundstrat and Bitmine. Speaking to the Bankless podcast recently, Tom Lee hasn’t backed down one inch. He continues to insist that Ethereum could still make its run toward $10,000 or even $12,000 before the year is out, even after the month’s brutal selloff.

Appearing on the Bankless podcast and in a string of media interviews this week, Lee said the pullback has actually strengthened his conviction. He noted:

“To me, it wouldn’t be a blow-off top but rather seeking essentially price discovery at a new level.”

He argued that smart money is quietly accumulating in the background while sentiment remains pessimistic. Lee isn’t alone. BitMEX cofounder Arthur Hayes is still calling for a $10K ETH price by the end of the year. He pointed to the same combination of institutional flows, clearer regulations, and Ethereum’s expanding utility base.

Their thesis is straightforward: big players are buying the dip, regulatory fog is lifting, and Ethereum’s network fundamentals are only improving. Together, they see the current correction as a setup, not a setback.

Lee has also compared Ethereum’s role in web3 to “early Internet infrastructure.” It’s not an investment fad, but a technological layer that industries are quietly building on. In his view, breaking above $4,878 (the prior all-time high) won’t mark the top. It’ll unlock another leg of price discovery, potentially putting ETH in the five-digit conversation before the cycle cools down again.