At press time, the price of Ethereum is hovering around $2,151, being 0.88% down in the past 7 days. Also, it is over 50% down from its 52-week high of around $4,831 hit in August last year.
That is a cruel slip; however, the chairman of Bitmine, Tom Lee, trusts that the worst is over. Not long ago, Lee referred to a “turnaround month” for markets overall, taking back recession fears.
The argument of Tom Lee takes on two analytical frameworks. The first comes from Tom DeMark, a market analyst working with Bitmine.
The analyst has recognised what he says is a 93% link between the latest price action of Ethereum and the S&P 500’s behaviour at the time of two historical episodes, the 1987 crash and the 2011 correction.
Users Not Convinced With the Theory
As per the 1987 correlation, Ethereum should have undersurfaced on March 7. Under the 2011 parallel, the bottom is now. Lee further mentioned that he thinks we are at the bottom or leaving the crypto winter now.
He also highlighted that in the 2025 cycle low, the price of ETH hovered at a 21% discount to the realised price before initiating a recovery. The present discount is almost identical, which he looks at as a meaningful indication.
Lee also highlighted the long-term track record of Ethereum to frame the present moment. In the last decade, ETH has returned around 49,000%, surpassing 11,000% of Bitcoin and around a 6,500% gain from Nvidia in the same duration.
Adding more to this, veteran trader Peter Brandt indicated a potential Ethereum bottom recently also. He suggested at a rally around $4,000 for the second-biggest crypto.
Although, he isn’t convinced by everyone. On social media, some users pushed back on the bottom call of Lee, with various highlighting that this is not the first time he has made it.
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