Fundstrat’s Tom Lee sees Ethereum finding a bottom amidst buying spree

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.