- Bitmine Immersion’s Tom Lee expects Ethereum to bottom in the next few hours.
- This could mean that ETH could set a new ATH soon.
- How far can ETH pump before the expected September correction?
The price of the pioneer altcoin, Ethereum (ETH), just hit a new ATH in the $4,900 price range under 48 hours ago. Since then, the price of ETH has declined to the $4,400 price range. During this dip, Bitmine Immersion accumulated more ETH. Its Chair Tom Lee expects Ethereum to bottom in the next few hours. How low will ETH go before the crypto market will see a bottom price for ETH?
Tom Lee Expects Ethereum to Bottom Soon
The pioneer altcoin, Ethereum (ETH), has been working its way up to setting a new ATH price since the start of the year. Most traders expected the price of ETH to hit a new ATH in Q1, as based on historical data, the altseason phase of every bull cycle had arrived in Q1 following a Bitcoin Halving year. This phase is often when ETH price enters price discovery and goes on to set a string of new ATHs.
Due to Bitcoin’s early price pump this bull cycle, when the price of BTC set a new ATH before the Bitcoin Halving event occurred, the pioneer crypto asset began to pump exponentially, leaving all altcoins in its dust. Thus, a correction was highly necessary to allow the crypto market to return to a healthy state once again, leaving BTC to correct and ETH to bottom at $1,700 in Q1 of 2025.
From there, the price of ETH began to rise steadily, reaching prices from $2,700 to $3,700 in Q2 and finally breaking past the $4,100 resistance level in Q3. Within a few days, the price of ETH even broke past the $4,800 barrier and reclaimed its previous ATH, going on to set a new ATH price in the $4,900 price range just short of $5,000. Analysts expect this to be the asset’s next resistance level.
How Far Will ETH Dip and Pump?
During this pump, several ETH treasuries like Bitmine Immersion and financial institutions like BlackRock went on to heavily accumulate Ethereum (ETH) whenever a dip in the market offered a golden chance. The current dip that followed ETH’s latest ATH price opened up another golden opportunity for these entities to accumulate even more ETH, before the asset could bottom and head back into price discovery to set new ATHs.
As we can see from the post above, Bitmine Immersion’s Tom Lee expects Ethereum to bottom in the next few hours. Does this mean he expects the price to fall further or that ETH will not dip as much as BTC? Time will tell as the crypto market approaches what could be a bearish red month of September. Will ETH price hold strong and maintain its outperformance of BTC over the coming weeks ahead? Based on Lee’s forecast, ETH remains highly bullish.
