Wall Street investor Tom Lee has predicted that Ethereum could dip to $4,300 in the coming hours, potentially leading to a rebound.
Tom Lee's $4,300 Prediction
In a recent post, Fundstrat managing partner and BitMine Chair Tom Lee made a statement regarding Ethereum's expected drop to $4,300. He referenced the views of Managing Director Mark Newton, who believes that Ethereum is due to bottom out in the next 12 hours.
Recent BitMine Purchase
Amid a broader crypto market downturn, BitMine acquired 4,871 ETH on Friday for approximately $21.3 million. This purchase increased BitMine's total holdings to about 1.72 million ETH.
Current State of the Ethereum Market
Currently, Ethereum is trading around $4,413 after a sharp decline from $4,800. Analysis suggests that if ETH reaches $4,300, a rebound attempt could be possible, though the current RSI indicates a continuation of bearish momentum.
The analysis indicates that the current Ethereum price may be in a critical zone for a potential recovery. However, further price movement will depend on market conditions and trader sentiment.
