Wall Street investor Tom Lee says that Ethereum is due to bottom near $4,300 within the next few hours before bouncing back to higher levels. This coincides with BitMine’s recent 4,781 ETH buy.
Summary
- BitMine Chair and Wall Street analyst Tom Lee predicts that Ethereum will bounce back after hitting $4,300.
- Lee’s post coincides with BitMine’s recent purchase of 4,781 ETH, bringing its total holdings to around 1.72 million ETH.
In a recent post, Fundstrat managing partner and BitMine Immersion Chair Tom Lee shares insights from Managing Director Mark Newton who predicted that Ethereum (ETH) is set to “bottom out sometime in next 12 hours” somewhere near the $4,300 range. This bombshell prediction has sent traders into a frenzy.
“Mark @MarkNewtonCMT again at it. Calling ETH bottom to happen in next few hours,” wrote Lee in his X post.
“Ideally, this [Ether] should bottom out sometime in the next 12 hours near $4,300 and start to push back up to new highs and get above $5,100 and up to near $5,400 to $5,450,” Newton said in his analysis.
The prediction comes only a few hours after BitMine scoops up 4,871 ETH on August 26. This purchase, which was valued at $21.3 million, has been interpreted as a bullish signal amid a broader crypto market downturn.
The recent Ether purchase elevates BitMine’s total holdings to around 1.72 million ETH. The firm’s ETH trove is valued at approximately $7.5 billion at current prices. According to data from CoinGecko, BitMine remains the largest corporate holder of ETH. The firm now holds 1.42% of the total ETH supply in circulation.
Ethereum nears $4,300, is a rebound possible?
At press time, Ethereum is currently trading at around the $4,413 mark after a sharp decline from the $4,800 zone. The recent move shows a clear downtrend, confirmed by the downward-sloping price action. Fundstrat’s Mark Newton predicts the price will go lower near the $4,300 range.
If ETH does manage to drop towards $4,300, a rebound attempt could be possible. ETH could bounce higher or extend its decline. Looking at the Relative Strength Index, which is sitting near 39, it is close to the oversold region but not quite there yet. This suggests that bearish momentum is still in play, though sellers may soon face exhaustion if the RSI dips further.
However, if the RSI manages to pull through to the oversold conditions, it could lead to a rally following Ether’s dip into $4,300.
Currently, ETH is trading around $4,413, which is very close to the 61.8% retracement support at $4,407. This level often acts as a critical pivot for potential reversals. If ETH can hold this zone, a rebound toward $4,491–$4,550 or higher may be possible in the short term.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Source: https://crypto.news/tom-lee-predicts-ethereum-will-bottom-hours-after-bitmine-snaps-up-4871-eth/