ETH Dips Below $3,000 But Tom Lee Predicts It’s ‘Pretty Close To Bottoming This Week’
Ethereum (CRYPTO: ETH) is back above $3,000 on Tuesday morning as Fundstrat’s Tom Lee predicts it is “pretty close to bottoming this week.”
Tom Lee Flags Multiple Signs Ethereum May Be Near A Bottom
Lee on Monday on CNBC said that Ethereum’s long-term narrative remains intact despite recent volatility.
He highlighted stablecoin creation, BlackRock’s push to tokenize assets and Wall Street’s interest in bringing stocks, bonds and real estate on-chain.
He described Ethereum as the only “neutral, 100% uptime blockchain” capable of supporting that shift.
Lee also noted that Ethereum has several ways of forming a structural floor.
One is the ratio between ETH’s market value and the value of assets locked on the network.
He said Ethereum historically bottoms when that ratio hits about 50%, adding that current readings are near that level.
A second indicator, Lee said, is Ethereum’s ratio to Bitcoin.
He cited an ETH–BTC ratio of 0.032 against an …
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