Tom Lee’s colleague says Ethereum bottom likely in next 12 hours before rallying toward $5,100

Tom Lee’s colleague says Ethereum bottom likely in next 12 hours before rallying toward $5,100

Newton projects that Ethereum could push toward $5,100, with potential further upside to $5,400-$5,450 if momentum continues.

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by Vivian Nguyen | Powered by Gloria

Ethereum looks set to bottom near $4,300 within the next 12 hours before resuming its uptrend, said Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors, in a recent note shared by Thomas “Tom” Lee.

Resistance is expected near $5,100, according to Newton, with potential for Ethereum to reach $5,400–$5,450 on a breakout. Maintaining support above $4,067 would keep the bullish thesis intact and invalidate short-term bearish perspectives.

“ETH is a very good risk/reward here. I am highly skeptical it breaks this trend nor breaks 4,067 from 8/18. THAT’S what’s required to think a bullish stance near-term is wrong,” he noted.

Ethereum was trading near $4,400 at press time, down more than 7% in the past 24 hours amid a market-wide correction that pushed Bitcoin below $110,000. The largest digital asset last changed hands at around $109,782, per CoinGecko data.

BitMine Immersion, Lee’s Ethereum treasury company, holds more than 1.7 million ETH valued at roughly $7.5 billion. The firm added 190,500 ETH last week, cementing its position as the largest corporate holder of the coin.

ETHEREUM

Tom Lee’s colleague says Ethereum bottom likely in next 12 hours before rallying toward $5,100

Tom Lee’s colleague says Ethereum bottom likely in next 12 hours before rallying toward $5,100

Newton projects that Ethereum could push toward $5,100, with potential further upside to $5,400-$5,450 if momentum continues.

by Vivian Nguyen | Powered by Gloria

Share

Add us on Google

Ethereum looks set to bottom near $4,300 within the next 12 hours before resuming its uptrend, said Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors, in a recent note shared by Thomas “Tom” Lee.

Resistance is expected near $5,100, according to Newton, with potential for Ethereum to reach $5,400–$5,450 on a breakout. Maintaining support above $4,067 would keep the bullish thesis intact and invalidate short-term bearish perspectives.

“ETH is a very good risk/reward here. I am highly skeptical it breaks this trend nor breaks 4,067 from 8/18. THAT’S what’s required to think a bullish stance near-term is wrong,” he noted.

Ethereum was trading near $4,400 at press time, down more than 7% in the past 24 hours amid a market-wide correction that pushed Bitcoin below $110,000. The largest digital asset last changed hands at around $109,782, per CoinGecko data.

BitMine Immersion, Lee’s Ethereum treasury company, holds more than 1.7 million ETH valued at roughly $7.5 billion. The firm added 190,500 ETH last week, cementing its position as the largest corporate holder of the coin.