- Bitmine Immersion’s Tom Lee makes another daring statement.
- He declares ETH to be having its 2017 Bitcoin moment.
- This could lead to a bullish pump of 120x for the price of ETH.
The price of ETH has been steadily increasing since it reclaimed the $4,000 price target. Over the last couple of days, ETH has been trading above $4,000, and analysts hope to see the pioneer crypto asset hit higher targets soon. As expectations for higher highs for ETH price increase, Bitmine Immersion’s Tom Lee says ETH is entering its 2017 Bitcoin moment, and says there is a possibility for Ethereum to pull a 120x price pump.
Tom Lee Says ETH Is Entering Its 2017 Bitcoin Moment
The crypto bull cycle has entered Q3, giving altcoins a moment under the sun. It took till now for the price of ETH to pump steadily since bottoming at $1,700 in Q1 of 2025. The prices of altcoins have been steadily following Ethereum’s slow yet steady lead towards reclaiming higher prices and drifting towards previous ATH targets. In particular, ETH started to outperform BTC over the last few weeks, signaling the imminent arrival of altseason’s peak phase.
In particular, altseason was expected to arrive in Q1 this year, as traditionally, every bull cycle’s altseason arrives in Q1 following the Bitcoin Halving event. This year, this pattern did not play out and instead caused a colossal market correction that went on for the entire quarter. All this was due to Bitcoin setting a new ATH before the Bitcoin Halving event this year. Now in Q3, sentiments are higher than ever for ETH and altcoins to pump and usher in the cycle’s altseason peak phase.
Presently, analysts have spotted multiple bullish signals on the ETH price chart and expect to see explosive price surges in the days ahead. One of the most bullish signs for an ETH price explosion in the coming days is the fact that financial institutions are heavily accumulating ETH at a rapid pace, with no signs of slowing down despite growing ETH prices. Most recently, BlackRock bought $12 billion worth of ETH.
Another entity that is extremely bullish on ETH is Bitcmine Immersion. This entity is the leading treasury entity to hold ETH, led by its chair, Thomas Lee. Also known as Tom Lee, his leadership has led to vast ETH accumulation by this entity. Most recently, Bitmine Immersion’s total ETH accumulation brought the number up to $2.1 billion, with signs of more ETH accumulation ahead.
Ethereum Price Could Pull 120x Pump
Tom Lee has been adamant about his expectations for ETH hitting significantly high ATH targets in the coming days ahead. In fact, he stated earlier that ETH could set a new ATH price at the $15,000 bullish target by December this year. In fact, Tom Lee has also mentioned that ETH has the potential to hit a bull target of $60,000 this bull cycle.
As we can see from the video above, Tom Lee reiterates ETH’s bullish potential once again. In particular, he says that ETH, being the second largest blockchain, could be on the verge of its own 120x run as regulation opens doors. On this, he highlights Wall Street’s stablecoins piles in and AI converges with crypto all on Ethereum. He concludes, saying that ETH is entering its ‘2017 Bitcoin’ moment.