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.
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.
Source: https://en.bitcoinsistemi.com/bullish-expert-tom-lee-explains-ethereum-bottom-eth-has-bottomed-could-reach-these-levels/
