BitMine CEO Tom Lee discussed Ethereum’s price outlook at Consensus, saying that past declines have been ending with sharp, “V-shaped” recoveries.
Summary
- BitMine CEO Tom Lee says Ethereum is likely bottoming out, noting that ETH has recovered from every 50%+ decline since 2018.
- Lee points to a potential “undercut” near $1,890 as a technical signal that the current sell-off may be nearing exhaustion.
- Ethereum is trading close to the $1,900 support, with momentum indicators suggesting that selling pressure is easing, although key resistance remains high.
Ethereum has been rallying after a major decline, says Tom Lee
Lee pointed out that Ethereum (ETH) has fallen more than 50% eight times since 2018, and in all cases ETH has recovered quickly after a minor hit. He suggested that the current drop is behaving in the same way as previous drops and that the market may be nearing a bottom.
Bitmine made the analysis referred to from the market timer Tom DeMarc, who believes that a re-visit of $1,890, the “bottom” level, will indicate a complete decline.
“If you’ve already seen a decline, you should think about opportunities here instead of selling,” Lee said, expressing his confidence that ETH will rebound.
Lee stressed that nothing fundamental has changed about Ethereum’s long-term trajectory despite the recent decline. He believes that the current decline should also quickly find a bottom and turn to the upside.
Although Lee did not provide a specific time frame, his comments reflect a long-term view focused on historical price behavior and technical lows, which provides some hope for investors navigating near-term volatility.
Ethereum price it is hovering near the $1,900 support
Ethereum price has been trading near the $1,900–$2,000 range recently amid broader crypto volatility. At press time, ETH was trading around $1,965, a little volatile over the past 24 hours and showing caution among traders.
The daily chart shows ETH below the 50-day simple moving average, currently standing near $2,800 and serving as a strong resistance above. This gap highlights how wide recent sales have been.
The Relative Strength Index (RSI) has also appeared in an oversold zone. While the RSI remains below the 50 mark, the finding indicates that selling momentum is slowing rather than accelerating.
Price action in recent sessions points to the formation of a short-term base near the $1,850–$1,900 range. This area acted as support, with buyers stepping in to protect against repeated dips. A decisive break below $1,850 would weaken the near-term structure and open the door to the next support near $1,750.
On the other hand, initial resistance remains near $2,000, a psychological level that has held back recent rebound attempts. Otherwise, strong resistance appears around $2,100–$2,150.
