Ethereum Is Flashing Bottom Signals, Says Bitmine’s Tom Lee

Ethereum price is trading around $2,174 as of March 20, down more than 50% from its 52-week high of nearly $4,831 hit in August 2025. That’s a brutal drawdown, but Bitmine’s Tom Lee believes the worst is over.

The comments come as recently Lee called March a “turnaround month” for markets overall, pushing back on recession fears.

Tom Lee Makes the Bull Case for Ethereum

Tom Lee’s argument draws on two analytical frameworks. The first comes from Tom DeMark, a market analyst who works with Bitmine.

DeMark has identified what he says is a 93% correlation between Ethereum’s recent price action and the S&P 500’s behavior during two historical episodes, the 1987 crash and the 2011 correction.

Based on the 1987 correlation, Ethereum should have bottomed on March 7. Under the 2011 parallel, the bottom is now.

“So using his analysis, we think we’re at the bottom or exiting the crypto winter now,” Tom Lee said.

Lee notes that during the 2025 cycle low, ETH traded at a 21% discount to the realized price before staging a recovery. The current discount is nearly identical, which he sees as a meaningful signal.

Lee also points to Ethereum’s long-term track record to frame the current moment. Over the past decade, ETH has returned approximately 49,000%, outperforming Bitcoin’s 11,000% and Nvidia’s roughly 6,500% gain over the same period.

Moreover, veteran trader Peter Brandt flagged a potential Ethereum bottom recently as well. He hinted at a rally toward $4,000 for the second-largest crypto.

However, not everyone is convinced. On social media, some users pushed back on Lee’s bottom call, with several pointing out that this is not the first time he has made it.

“I like Tom Lee but he has been saying it’s a bottom for like 6 months now,” one user wrote.

Bitmine Bets Big on Ethereum Bottom Call

Nevertheless, the argument that Tom Lee puts forward is that Ethereum has consistently rewarded patience through prior cycles.

It is the same conviction that pushed Bitmine to hold 3,040,515 staked Ethereum, valued at approximately $6.6 billion at $2,185 per token. The firm also holds nearly $10 billion in crypto assets.

The disclosures sent BMNR stock surging in premarket trading on March 16. When a firm with that level of ETH exposure calls a bottom, the market takes notice.

The second and more grounded argument uses the realized price metric, the average cost basis of all ETH currently held on-chain, which sits at $2,241. Ethereum is currently trading at roughly a 22% discount to that figure, meaning the average holder is underwater.

The bottom call may yet prove premature. But with Bitmine holding over billions in staked ETH and Lee making the case publicly, the firm has made its Ethereum position clear