Recent events in the cryptocurrency market have drawn attention from experts, including Tom Lee's forecast for Ether and BitMine's significant asset increase.
Tom Lee's Ether Prediction
Fundstrat Global Advisors managing partner Tom Lee predicted that Ether had reached its bottom, even as the broader crypto market experienced a sharp sell-off. In a recent social media post, Lee noted, 'Calling ETH bottom to happen in the next few hours,' as crypto markets faced a $200 billion liquidation event. At that time, Ether had fallen over 7%, touching $4,313, before quickly rebounding to trade above $4,430.
Mark Newton's Observations
Lee's optimism was echoed by Mark Newton, managing director of technical strategy at Fundstrat. Newton characterized Ether as offering a 'very good risk/reward' setup and expressed doubt that the asset would break below recent support levels. He forecasted a potential rebound toward new highs, predicting ETH could climb above $5,100 and possibly reach the $5,400–$5,450 range in the near term.
BitMine Expands Ether Holdings
Amid the volatility, BitMine Immersion Technologies seized the opportunity to buy the dip. Data from Arkham Intelligence indicates that the firm purchased 4,871 ETH on Tuesday, valued at approximately $21.3 million. This brings BitMine's total Ether holdings to 1.72 million ETH, worth around $7.5 billion at current market levels. The firm reported a $2.2 billion increase in its combined crypto and cash holdings, enhancing its net asset value per share to $39.84.
The current predictions by Tom Lee and active moves by BitMine highlight investor interest in Ether and opportunities for strategic accumulation during market volatility.
