Tom Lee Declares That Ethereum Has Bottomed Out

Ethereum’s ($ETH) long bear market has ended and the bottom is behind it, said Tom Lee, co-founder of leading fundstrat Global Advisors and a cryptocurrency analyst.

The price chart of Ethereum was compared to the recovery periods after the major crashes in the S&P 500 in 1987 and 2011, using Tom DeMark indicators, according to an analysis shared with the Bitmine (BMNR) team. The analysis suggests that the current price structure reflects an 93% correlation with these two historical low cycles.

It said Ethereum’s real price is $2,241 and $ETH is trading about 22% below its average cost, the analyst said. In recent cycles, Tom Lee argued that these levels have created strong buying opportunities for the trend and are a critical threshold where the pattern reverses.

After crashes, Ethereum has been compared to two iconic S&P 500 recovery periods that have long since the price movement of its currency was reversed. This includes 93% correlation with S&P 500 recovery after Black Monday in 1987 and 89% relation to bottom formation following the 2011 US Debt Ceiling Crisis. And, Tom Lee says, “the bottom of $ETH is behind us.”

*This is not investment advice.

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