- Financial expert Tom Lee explains how ETH has high surge potential.
- He believes that the price of ETH can set a new high of $15,000 by December.
- Lee shares data and insights suggesting $62,000 price per ETH token.
Bitmine Immersion now owns over 1.5% of the ETH total supply, amounting to over 1,800 million ETH valued at over $8.1 billion, showing that their ETH accumulation strategy is unmatched. The entity’s goal of owning 5% of the total ETH supply grows closer. Most recently, Bitmine Immersion Chair and financial expert Tom Lee explains how ETH has a high chance of hitting $62,000 bull target.
Financial Expert Tom Lee Makes Bold Statement
The pioneer altcoin asset, Ethereum (ETH), has had a very interesting journey this bull cycle. Before delving into that, let’s have a closer look at what Ethereum was like in the last bull cycle. To highlight, in the last bull cycle, ETH was still facing a lot of congestion and high fees issues, which, according to many reputed crypto analysts and ETH enthusiasts, stunted its ability to hit much higher ATH prices.
In detail, the price of ETH went on to set a new ATH price in the $4,800 price range. Now, after 4 years, the price of ETH recently set a new ATH price in the $4,900 price range, finally entering price discovery and igniting bullish expectations for the arrival of altseason and its peak phase. To highlight, many believe that ETH’s price pump this altseason will be a lot more bullish compared to previous altseasons.
This is because, unlike the last bull cycle, the Ethereum ecosystem has undergone the effects of the Ethereum 2.0 shift, meaning the blockchain is capable of doing much more this bull cycle, and analysts soon expect this success to reflect on the price of the blockchain’s native crypto asset, Ethereum (ETH). What’s more, the success of ETH ETFs launched this bull cycle is also expected to bring more bullish action to ETH price in altseason.
Tom Lee Says ETH Could Hit $62,000
Meanwhile, whales and financial institutions have been aggressively accumulating more and more Ethereum (ETH) this bull cycle, with some entities like Bitmine Immersion switching strategies to sell all their BTC and hold only ETH as a top ETH Treasury. Presently, Bitmine Immersion aims to hold 5% of the total ETH supply and has been accumulating ETH at a rapid pace over the last few months.
Already, Bitmine Immersion holds over 1.5% of the total ETH supply, beating out the pace of Michael Saylor and Strategy’s strategic BTC accumulation tactics. This swift accumulation from Bitmine Immersion is inspired by its Chair’s high faith in ETH and its ability to hit exceptionally high new price targets this altseason. Presently, Tom Lee believes ETH will hit $15,000 by the end of the year.
As we can see from the video in the post above, Tom Lee addresses the crypto community and makes a bold statement. In the video, he shares charts and bullish data all pointing to a bullish breakout for the price of ETH. He marks how in the past cycles, ETH has pumped over 400% and pulled 54x pumps. Based on the latest market insights, Tom Lee believes ETH could hit an ATH price of $62,000 per ETH.
