Tom Lee Predicts ETH Bottom: Is a Price Crash Over?
As the cryptocurrency market plummeted on Tuesday, Tom Lee, managing partner at Fundstrat Global Advisors, forecast that Ether would bottom out. In this regard, BitMine, Lee’s ETH treasury firm, bought another $21 million worth of Ether. Since Ether had already begun to rise at the time of writing and was trading above $4,434 once more, there’s a chance that Lee’s so-called bottom is already in.
Calling ETH bottom to happen in next few hours,
Lee
Newton: Ethereum Crash May Be the Last Dip Before New Highs
Lee made his prediction as the cryptocurrency market crashed on Tuesday, sharing a message from Mark Newton, managing director of technical strategy at Fundstrat Global Advisors. ETH is a very favorable risk/reward now, according to Newton, who also expressed his extreme skepticism that it would buck the trend or drop below the bottom from last week.
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
Crypto Carnage: Bitcoin and Ether Slide, But BitMine Sees Opportunity
In the midst of a cryptocurrency market meltdown sparked by Bitcoin, which fell to a seven-week low on Tuesday morning, Lee made his call. According to TradingView, Ether also took a hit, plunging more than 7% to $4,313 on Coinbase.
According to Arkham Intelligence, BitMine bought the dip on Tuesday, purchasing 4,871 ETH valued at $21.3 million, continuing its aggressive Ether acquisition. With current market pricing, this increased its total holdings to 1.72 million ETH, or almost $7.5 billion. Its net asset value per share, which includes both cash and cryptocurrency, increased from $22.84 in late July to $39.84.
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