Ethereum (ETH-USD) is showing renewed strength, trading above $3,200 after a strategic accumulation move by BitMine Immersion Technologies (BMNR). The company, chaired by renowned analyst Tom Lee, acquired over 41,946 ETH worth $130.78 million at an average price near $3,100 per coin.
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Tom Lee believes the crypto market correction that began in October is officially over and that the market has bottomed and is entering a reversal phase. He credits the current recovery to growing institutional interest and real-world adoption, not the traditional four-year Bitcoin halving cycle.
$62,000 ETH Price Target Driven by Institutional Use
Lee remains extremely bullish on Ethereum, emphasizing its growing use by massive financial firms. He specifically named JPMorgan (JPM) and BlackRock (BLK) as institutions building tokenization infrastructure on the network, confirming Ethereum’s evolution into the primary settlement layer for global finance.
Lee provided three high-level price targets for ETH based on its historical ratio to Bitcoin:
- If Ethereum returns to its average historical price ratio to Bitcoin, it could trade around $12,000.
- A return to the 2021 peak ratio could place ETH near $22,000.
- Under the most optimistic scenario, where the ETH/BTC ratio reaches 0.25 (and Ethereum becomes a global financial backbone), ETH could reach a staggering $62,000.
$130 Million Bet Confirms Bullish Sentiment
BitMine Immersion Technologies has been strategically increasing its Ethereum holdings during the market recovery. The company’s recent acquisition of 41,946 ETH confirms Tom Lee’s conviction that the crypto correction has ended. According to a company release, BitMine now holds over $12 billion worth of Ether.
Network metrics are supporting this bullish accumulation. Data from CryptoQuant shows the Taker Buy/Sell Ratio for ETH on Binance has risen to its highest level since August. A breakout of this ratio above 1.0 would officially confirm the end of November’s correction and could propel ETH toward the $3,500 and $4,000 levels. Furthermore, the recent Fusaka network upgrade may have contributed to improved sentiment by signaling increased developer activity and institutional confidence.
Key Resistance Levels To Break
To sustain the current upward momentum and bring the higher price targets into play, analysts say Ethereum must clear several key resistance levels. Analyst Ali Martinez stated that the first major targets are $4,800, followed by $6,800, and finally $8,800. These levels must be breached before the extreme target of $62,000 can be realistically considered.
At the time of writing, Ethereum is sitting at $3,131.49.
