- Bitmine Immersion’s Tom Lee says Fed Powell speech on Friday is crucial.
- This speech could be key for Ethereum, could it enter price discovery?
- Lee expects an ETH price rally, while others expect volatile market movements.
Bitmine Immersion’s Thomas Lee expects a rally in crypto and especially ETH prices soon. In detail, Tom Lee says Fed Powell speech on Friday will be key for Ethereum (ETH). While some expect volatility, others expect a bullish rally in the price of ETH. To highlight, Powell will be reviewing crucial US unemployment data that will influence his decision on possibly announcing a rate cut in September.
Tom Lee Says Fed Powell Speech on Friday Will be Key for ETH
Thomas Lee, the chair of Bitmine Immersion, also known as Tom Lee, is a financial expert who has gone very bullish on Ethereum in a very short time. In just a few months, Tom Lee announced Bitmine’s strategy shift as the entity focused on its buying power towards accumulating Ethereum (ETH) at an accelerated pace. This pace has outmatched Saylor’s accumulation of Bitcoin (BTC).
In particular, Lee has revealed his intention of securing 5% of the total ETH supply, and in just a short time, Bitmine has already gone on to hold over 1% of the total ETH supply and shows no intention of slowing down its accumulation frenzy. While Tom Lee has already stated that Bitcoin should hit $1 million, his strategy is fully focused on the pioneer altcoin Etehreum (ETH) instead.
Volatility Expected as ETH Price Could Rally
This is because ETH price has yet to reclaim its previous ATH price and has not set a single new ATH price yet, unlike BTC, which has set a string of new ATH prices. Meanwhile, Tom Lee has shared many bullish predictions for the price of ETH to hit by the end of this year. Specifically, he believes the price of ETH will hit new ATHs between $15,000 and $16,000 by December and has stated that ETH could hit an ATH of $60,000 this cycle.
Presently, the crypto market is facing a hurdle. Just a week ago, Bitcoin set its new ATH price at the $124,000 price range before falling to much lower prices like $113,000, where it is trading now. During this dip, ETH price also fell from nearly reclaiming its $4,800 ATH price set 4 years ago, by hitting $4,700 to falling as low as $4,100 and currently trading in the $4,200 – $4,300 price range.
The crypto market is waiting on a trigger that could allow volatile moves to push crypto prices much higher, and Fed chair Jerome Powell’s announcement of a rate cut is one such trigger. At the moment, Powell is set to review new unemployment data, which will help him make this decision. As we can see from the post above, Tom Lee says Powell’s speech on Friday will be key for ETH. Will a rate cut announcement for September finally push ETH into the price discovery region?