Tom Lee predicts Ethereum will bottom hours after BitMine snaps up 4,871 ETH

Wall Street investor Tom Lee says that Ethereum is due to bottom near $4,300 within the next few hours before bouncing back to higher levels. This coincides with BitMine’s recent 4,781 ETH buy.

In a recent post, Fundstrat managing partner and BitMine Immersion Chair Tom Lee shares insights from Managing Director Mark Newton who predicted that 2.81% Ethereum is set to “bottom out sometime in next 12 hours” somewhere near the $4,300 range. This bombshell prediction has sent traders into a frenzy.

“Mark ⁦@MarkNewtonCMT again at it. Calling ETH bottom to happen in next few hours,” wrote Lee in his X post.

“Ideally, this [Ether] should bottom out sometime in the next 12 hours near $4,300 and start to push back up to new highs and get above $5,100 and up to near $5,400 to $5,450,” Newton said in his analysis.

The prediction comes only a few hours after BitMine scoops up 4,871 ETH on August 26. This purchase, which was valued at $21.3 million, has been interpreted as a bullish signal amid a broader crypto market downturn.

The recent Ether purchase elevates BitMine’s total holdings to around 1.72 million ETH. The firm’s ETH trove is valued at approximately $7.5 billion at current prices. According to data from CoinGecko, BitMine remains the largest corporate holder of ETH. The firm now holds 1.42% of the total ETH supply in circulation.