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Tom Lee has predicted that Ethereum is about to hit its bottom within hours, coinciding with BitMine’s major purchase of 4,871 ETH.
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The move suggests growing institutional confidence in Ethereum’s near-term recovery, sparking speculation about a potential rebound.
Ethereum could be nearing a decisive turning point, according to Wall Street veteran and Fundstrat managing partner Tom Lee. In a post on X, Lee highlighted insights from his colleague Mark Newton, who forecasted that ETH is set to bottom around $4,300 within the next 12 hours before staging a rebound to fresh highs.
The bold call coincides with a major market move from BitMine, which purchased 4,871 ETH, valued at $21.3 million, on August 26. The acquisition has stirred speculation that institutional buyers may be positioning ahead of a potential recovery.
Tom Lee and Mark Newton Predict a Bottom
Lee cited Fundstrat’s Head of Technical Strategy, Mark Newton, in his post:
“Mark @MarkNewtonCMT again at it. Calling ETH bottom to happen in next few hours,” Lee wrote.
Newton’s analysis projects that ETH will test the $4,300 region before bouncing toward $5,100–$5,450. He argued that such a retracement would be healthy within Ethereum’s broader uptrend, creating a launchpad for higher price levels.
BitMine’s $21M Ethereum Purchase
BitMine’s timely acquisition has added fuel to the bullish outlook. With this latest purchase, the crypto mining and investment firm’s ETH holdings have swelled to roughly 1.72 million coins, worth around $7.5 billion at current market prices. That represents approximately 1.42% of Ethereum’s circulating supply, making BitMine the largest corporate holder of ETH.
Large-scale institutional purchases are often interpreted as confidence signals, particularly when they align with technical predictions of a market bottom. For many traders, BitMine’s move suggests that influential players see Ethereum’s latest correction as a buying opportunity.
Ethereum Price Nears Key Support
At press time, ETH is trading around $4,413 after slipping from the $4,800 zone earlier in the week. The decline has brought the token close to its 61.8% Fibonacci retracement support at $4,407, a critical level often viewed as a pivot for reversals.
The Relative Strength Index (RSI) sits near 39, edging closer to oversold territory. While this points to continued bearish momentum, it also hints that sellers may be nearing exhaustion. If ETH dips to $4,300 and RSI slides further, conditions could be set for a rebound.
In the near term, holding above the $4,407 support zone could open a path for recovery toward $4,491–$4,550. If bullish momentum accelerates, Newton’s upper targets of $5,100 and beyond may come into play.
Market Watching for Confirmation
Ethereum investors now have their eyes on two converging signals: Tom Lee’s prediction of an imminent bottom and BitMine’s multimillion-dollar bet. Should ETH stabilize near $4,300 and rebound, it would validate both the technical outlook and the corporate accumulation trend.
For now, the market remains cautious but watchful. If history is any guide, institutional buys and oversold signals often foreshadow strong reversals. Ethereum may soon reveal whether this is just another dip, or the start of its next leg higher.
