Ethereum worth is buying and selling round $2,174 as of March 20, down greater than 50% from its 52-week excessive of almost $4,831 hit in August 2025. That’s a brutal drawdown, however Bitmine’s Tom Lee believes the worst is over.
The feedback come as not too long ago Lee known as March a “turnaround month” for markets general, pushing again on recession fears.
Tom Lee Makes the Bull Case for Ethereum
Tom Lee’s argument attracts on two analytical frameworks. The primary comes from Tom DeMark, a market analyst who works with Bitmine.
DeMark has recognized what he says is a 93% correlation between Ethereum’s latest worth motion and the S&P 500’s conduct throughout two historic episodes, the 1987 crash and the 2011 correction.
Based mostly on the 1987 correlation, Ethereum ought to have bottomed on March 7. Below the 2011 parallel, the underside is now.
“So utilizing his evaluation, we predict we’re on the backside or exiting the crypto winter now,” Tom Lee mentioned.
Lee notes that throughout the 2025 cycle low, ETH traded at a 21% low cost to the realized worth earlier than staging a restoration. The present low cost is sort of similar, which he sees as a significant sign.
Lee additionally factors to Ethereum’s long-term monitor file to border the present second. Over the previous decade, ETH has returned roughly 49,000%, outperforming Bitcoin’s 11,000% and Nvidia’s roughly 6,500% acquire over the identical interval.
Furthermore, veteran dealer Peter Brandt flagged a possible Ethereum backside not too long ago as effectively. He hinted at a rally towards $4,000 for the second-largest crypto.
Nevertheless, not everyone seems to be satisfied. On social media, some customers pushed again on Lee’s backside name, with a number of declaring that this isn’t the primary time he has made it.
“I like Tom Lee however he has been saying it’s a backside for like 6 months now,” one person wrote.
Bitmine Bets Large on Ethereum Backside Name
However, the argument that Tom Lee places ahead is that Ethereum has persistently rewarded persistence by means of prior cycles.
It’s the similar conviction that pushed Bitmine to carry 3,040,515 staked Ethereum, valued at roughly $6.6 billion at $2,185 per token. The agency additionally holds almost $10 billion in crypto belongings.
The disclosures despatched BMNR inventory surging in premarket buying and selling on March 16. When a agency with that degree of ETH publicity calls a backside, the market takes discover.
The second and extra grounded argument makes use of the realized worth metric, the common price foundation of all ETH at present held on-chain, which sits at $2,241. Ethereum is at present buying and selling at roughly a 22% low cost to that determine, that means the common holder is underwater.
The underside name could but show untimely. However with Bitmine holding over billions in staked ETH and Lee making the case publicly, the agency has made its Ethereum place clear
