Fundstrat Global Advisors managing partner Tom Lee tipped Ether
ETH$4,423to bottom out on Tuesday amid a crypto market dip as his ETH treasury firm BitMine bought another $21 million of Ether.
“Calling ETH bottom to happen in next few hours,” said Tom Lee on X on Tuesday at 1 am UTC as crypto markets saw red in the $200 billion market cap liquidation event.
There’s a chance Lee’s so-called bottom is already in, as Ether had already started to recover at the time of writing, returning to trade above $4,430 again.
Lee made his prediction as he shared a message from Mark Newton, the managing director of technical strategy at Fundstrat Global Advisors, who said, “ETH is a very good risk/reward here,” adding that he was “highly skeptical” that it breaks the trend or breaks last week’s low.
“Ideally, this 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.
Lee’s call came amid a crypto market crash initiated by Bitcoin , which plummeted to a seven-week low on Tuesday morning.
Ether also suffered, tanking more than 7% to bottom out at $4,313 on Coinbase, according to TradingView.
Meanwhile, BitMine Immersion Technologies continued its aggressive accumulation of Ether, buying the dip on Tuesday with the purchase of 4,871 ETH worth $21.3 million, according to Arkham Intelligence.
This brought its total holdings to 1.72 million ETH, worth around $7.5 billion at current market prices.
