Tom Lee Calls Ether Bottom As BitMine Buys The Dip

Fundstrat Global Advisors managing partner Tom Lee has tipped Ether to bottom out on Tuesday amid a crypto market dip as his ETH treasury firm Bitmine bought another $21 million of Ether. 

“Calling ETH bottom to happen in next few hours,” said Tom Lee on X on Tuesday at 1 am UTC as crypto markets saw red in the $200 billion market cap liquidation event. 

There’s the chance Lee’s so-called bottom is already in, as Ether (ETH) had already started to recover at the time of writing, returning to trade above $4,430 again.

Lee made his prediction as he shared a message from Mark Newton, the managing director of technical strategy at Fundstrat Global Advisors, who said, “ETH is a very good risk/reward here,” adding that he was “highly skeptical” that it breaks the trend or breaks last week’s low. 

“Ideally, this 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.

Ether is down 11% from all-time high

Lee’s call comes amid a crypto market crash initiated by Bitcoin (BTC), which plummeted to a seven-week low on Tuesday morning.

Ether also suffered, tanking more than 7% to bottom out at $4,313 on Coinbase, according to TradingView. 

Related: After $400M splurge, ETH treasurer eyes stock buyback amid leverage concerns

BitMine ETH holdings reach $7.5 billion

Meanwhile, BitMine Immersion Technologies has continued its aggressive accumulation of Ether, buying the dip on Tuesday with the purchase of 4,871 ETH worth $21.3 million, according to Arkham Intelligence. 

This brings its total holdings to 1.72 million ETH, worth around $7.5 billion at current market prices. 

On Monday, BitMine disclosed it had increased its crypto and cash holdings by $2.2 billion to $8.8 billion, adding over 190,500 tokens over the past week. 

Its crypto plus cash net asset value per share climbed to $39.84, up…