Bullish Expert Tom Lee Explains Ethereum Bottom! – ETH Has Bottomed, Could Reach These Levels!

While Bitcoin (BTC) was breaking record after record, Ethereum (ETH), which had always been behind, finally broke its 2021 ATH and surpassed $4,900.

However, increasing uncertainty about FED interest rate cuts, massive sales by a giant whale, and increasing selling pressure caused a sharp correction in Bitcoin and altcoins.

At this point, ETH, which broke a new record just a few days ago, fell to the $4,300 level.

While this decline is a buying opportunity for some analysts, a Fundstrat analyst also stated that he sees the recent decline as a buying opportunity and said that ETH's short-term bottom could be $4,300.

Tom Lee, the head of Bitmine, the largest institutional Ethereum treasury, said in a post on his X account that his friend, Fundstrat analyst Mark Newton, shared his ETH analysis with him.

Accordingly, Fundstrat analyst Mark Neeton said that Ethereum could form a short-term bottom around $4,300 before rallying to $5,450.

Newton said that ETH is currently in an attractive range. He added that bullish momentum is likely to be maintained as long as the price doesn't drop below $4,067 in the short term.

Newton claimed that ETH could form a bottom at $4,300, then surpass $5,100 and reach a maximum of $5,450.

“Ethereum is positioned at a very attractive price point. As long as it doesn't fall below $4,067, its upward momentum will continue.

Ideally, it could bottom out around $4,300 in the next 12 hours and begin to rally to new highs. At that point, ETH could surpass $5,100 and move up to around $5,400-$5,450.

Tom Lee, who shared his colleague Mark Newton's analysis from his X account, also stated that ETH is likely to reach the bottom in the short term.

*This is not investment advice.