Tom Lee Predicts Ethereum's Lowest Point as BitMine Invests an Additional $21 Million

Market Prediction: Tom Lee from Fundstrat predicted that Ethereum would bottom out soon, coinciding with BitMine's purchase of 4,871 tokens worth $21.3 million during a market dip.

Market Reaction: Following the prediction, Ethereum's price dropped over 7% to $4,313 but began recovering shortly after, surpassing $4,430.

Technical Analysis: Mark Newton, also from Fundstrat, indicated that Ethereum presents a favorable risk/reward scenario and expects it to bottom around $4,300 before potentially reaching new highs above $5,100.

BitMine Holdings: BitMine's recent acquisition increased their total Ethereum holdings to 1.72 million tokens, valued at approximately $7.5 billion, as they expanded their crypto and cash assets by $2.2 billion to $8.8 billion.