On August 25, Fundstrat Global Advisors managing partner Tom Lee declared that Ethereum (ETH) is likely to “bottom within the next few hours.” Lee shared this outlook via an X post where he tagged his colleague and Fundstrat’s technical strategist, Mark Newton, who called ETH a “very good risk/reward” setup.
Newton projected that the bottom could land near $4,300 within 12 hours, setting the stage for a rebound toward $5,100, with a potential further breakout to $5,400–$5,450. At the time of the prediction, Ethereum was down more than 7%, even dipping to $4,313 on Coinbase amid broader market weakness triggered by Bitcoin’s fall to a seven-week low. Netizens lauded the timing, as hours after the weakness, Ethereum had begun recovering, edging above $4,430.
Interestingly, this coincided with aggressive accumulation by Lee’s firm’s treasury arm, BitMine Immersion, which bought another $21 million of Ether during the crash. The timing was commendable as a wave of liquidations, amounting to $900 million, swept through the crypto markets in the last 24 hours, making it ideal for treasury firms to lap up ETH.
BitMine doubling down on its long-term ETH conviction saw the form scoop up 4,871 ETH during the dip. This takes BitMine’s total holdings to roughly 1.72 million ETH, valued at around $7.5 billion. The firm also revealed that its combined crypto and cash holdings surged by $2.2 billion last week. This has boosted its treasury to $8.8 billion and cemented its position as the largest corporate holder of ETH. They now account for about 40% of the total ETH held by public treasuries.
Technical analysts say that if ETH holds above that key $4,300 support, the path could get clear toward $5,100. There could be further resistance and upside potential, towards the $5,400–$5,450 range. However, given the weakness in the crypto market, if it doesn’t hold at these levels and breaks below support, there could be further corrections expected.