BitMine, the crypto treasury firm led by Chairman Tom Lee, has purchased 4,871 more Ethereum tokens, worth about $21.3 million. The acquisition comes as Lee predicted that Ethereum would hit its price bottom within a matter of hours, signaling a potential rebound.
Tom Lee, a Wall Street investor, predicts that Ethereum will reach a low point near $4,300 in the coming hours, following which it will rebound to higher levels. This is in accordance with BitMine’s most recent acquisition of 4,781 ETH.
In a recent post, Tom Lee, the BitMine Immersion Chair and managing partner of Fundstrat, shared insights from Managing Director Mark Newton, who predicted that Ethereum is expected to “bottom out” in the next 12 hours at a price in the $4,300 range. This stunning prediction has sent traders into a frenzy.
“Mark Newton, @MarkNewtonCMT, is once again at it.” Lee wrote in his X post, “Calling ETH bottom to occur in the next few hours.”
“Ideally, this [Ether] should reach a low point near $4,300 within the next 12 hours and then begin to climb to new highs, surpassing $5,100 and rising to approximately $5,400 to $5,450,” Newton stated in his analysis.
The prediction was made mere hours after BitMine acquired 4,871 ETH on August 26. This purchase, which was valued at $21.3 million, has been perceived as a bullish signal in the context of a broader crypto market downturn.
BitMine’s total holdings have increased to approximately 1.72 million ETH due to the recent Ether purchase. At present prices, the firm’s ETH collection is estimated to be worth roughly $7.5 billion. BitMine continues to be the largest corporate holder of ETH, as indicated by CoinGecko data. The company currently controls 1.42% of the total supply of ETH in circulation.
Ethereum nears $4,300, is a rebound possible?
Ethereum is trading at approximately $4,413 as of press time, following a significant decline from the $4,800 region. The recent movement indicates a distinct downward trend, which is corroborated by the downward-sloping price action. Mark Newton, an analyst at Fundstrat, anticipates that the price will decline to approximately $4,300.
A rebound attempt may be feasible if ETH can decline toward $4,300. ETH has the potential to either increase in value or continue to decline. The Relative Strength Index, which is resting near 39, is close to the oversold region but not quite there yet. This implies that bearish momentum is still present, although sellers may shortly experience exhaustion if the RSI declines.
Nevertheless, a rally could ensue in response to Ether’s descent to $4,300 if the RSI can maintain the oversold conditions.
The price of ETH is approximately $4,413, which is close to the $4,407 support level for the 61.8% retracement trend. This level frequently serves as a critical pivot for potential reversals. In the short term, a rebound toward $4,491–$4,550 or higher may be feasible if ETH can maintain this range.
