According to Tom Lee, Ethereum could reach a bottom in the coming hours, coinciding with BitMine's major purchase of 4,871 ETH.
Predictions from Tom Lee and Mark Newton
Tom Lee, a managing partner at Fundstrat, predicted that Ethereum might reach a bottom around $4,300 within the next 12 hours. He referenced insights from his colleague Mark Newton, who predicts ETH is poised for a rebound to new highs. Lee highlighted Newton's analysis, which suggests that ETH will test the $4,300 level before moving upward.
BitMine's $21 Million Purchase
BitMine purchased 4,871 ETH for approximately $21.3 million, adding confidence in Ethereum's potential recovery. This purchase increased BitMine's reserves to about 1.72 million ETH, representing roughly 1.42% of the circulating supply of Ethereum. Large-scale acquisitions are often interpreted as signals of confidence from institutional investors.
Ethereum Financial Levels and Expectations
At the time of publication, ETH is trading around $4,413 after slipping from $4,800. This decline has brought the token close to the critical support level of $4,407, often viewed as a pivot point. The Relative Strength Index (RSI) is near 39, suggesting potential continued bearish momentum, but also indicating sellers may be nearing exhaustion.
Ethereum investors are now closely monitoring Tom Lee's predictions and BitMine's actions, awaiting confirmation of a possible market turnaround. Should ETH stabilize and rebound from support levels, it could validate positive forecasts.
