Fundstrat Global Advisors managing partner Tom Lee predicted that Ethereum would hit bottom on Tuesday during the downturn in the crypto market, while his ETH treasury company BitMine purchased an additional $21 million worth of Ethereum.
"Predicting that ETH will bottom out in the next few hours," Tom Lee stated on the X platform on Tuesday, as the crypto market was in a bloodbath following a $200 billion market cap liquidation event.
The bottom that Lee referred to may have already occurred, as Ethereum (ETH) began to rebound, trading back above $4,430 at the time of writing.
Lee made this prediction while sharing news from Mark Newton, Managing Director of Technical Strategy at Fundstrat Global Advisors. Newton stated, "ETH has a very good risk/reward ratio here," and added that he is "highly skeptical" it will break the trend or fall below last week's low.
"Ideally, this should bottom out around $4,300 in the next 12 hours, then start pushing higher to new highs, breaking through $5,100 and rising to around $5,400 to $5,450," Newton said.
Lee's prediction came amid a crypto market crash triggered by Bitcoin (BTC), which fell to a seven-week low on Tuesday morning.
According to TradingView data, Ethereum was also hit hard, plummeting over 7% on Coinbase, reaching a low of $4,313.
Meanwhile, BitMine Immersion Technologies continued to aggressively accumulate Ethereum, buying 4,871 ETH on Tuesday at a value of $21.3 million, according to Arkham Intelligence data.
This brought its total holdings to 1.72 million ETH, valued at approximately $7.5 billion at current market prices.
On Monday, BitMine disclosed that its cryptocurrency and cash holdings increased by $2.2 billion to $8.8 billion, with over 190,500 tokens added in the past week.
Its cryptocurrency and cash net asset value per share rose to $39.84, up from $22.84 at the end of July.
The calculation of the net asset value of cryptocurrency is based on the value of cryptocurrency and cash assets divided by the fully diluted number of shares outstanding, of which the company has 221.5 million shares.
According to StrategyEthReserve data, BitMine is significantly leading the market in Ethereum treasury holdings, accounting for 40% of the total 4.3 million ETH held by corporate entities.
Meanwhile, the world's largest crypto treasury company, Michael Saylor's Strategy, made another low buy on Monday, purchasing 3,081 BTC at a price of $115,829 per Bitcoin, totaling $357 million.
Related: Bitfinex: Altcoin season needs more crypto ETF approvals to kick off
Original article: “Tom Lee predicts Ethereum will bottom out in ‘the next few hours,’ BitMine buys 4,871 ETH on dip”
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