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Tom Lee signals crypto spring as Ethereum challenges $2,400 level
Ethereum is testing a key resistance level at $2,400 as institutional investors continue aggressive accumulation. Fundstrat’s Tom Lee has declared that “crypto spring has begun,” signaling the end of the bear market phase.
Highlights
- BitMine added 101,745 ETH (~$240 million) in 48 hours, bringing total holdings to 5.18 million ETH ($12.1 billion).
- 84% of its Ethereum (4.36 million ETH) is staked.
- Ethereum is challenging $2,400 resistance after three previous rejections in April.
BitMine’s massive accumulation
BitMine, led by Tom Lee, purchased an additional 101,745 ETH worth approximately $238–242 million over the past 48 hours. The company’s total holdings now stand at 5.18 million ETH—roughly 4% of all circulating Ethereum—valuing its portfolio at $12.1 billion. Of this amount, 4.36 million ETH (84%) is currently staked.
Ethereum has been trading in a tightening consolidation range near $2,380. The $2,400 level has rejected price advances three times in April, making the current test particularly significant. A decisive breakout above $2,425 on strong volume could open the path to $2,500 and potentially $3,000 if institutional inflows accelerate.
Lee’s outlook
Tom Lee declares “crypto spring has begun.” In a public statement, Tom Lee said the long-awaited “crypto spring” is underway, citing improving regulation and strong fundamentals in tokenization and artificial intelligence.
His long-term model projects Ethereum reaching a base case of $12,000 by 2030, a bull case of $22,000, and an ultra-bull scenario of $62,500—the latter assuming Bitcoin hits $1 million and the ETH/BTC ratio rises to 0.25.
Institutional buying fuels optimism for Ethereum breakout
The scale of BitMine’s purchases and Lee’s bullish comments reflect growing institutional confidence in Ethereum despite cautious retail sentiment. Large players continue to accumulate and stake ETH, building a strong base for a potential breakout.
While short-term momentum depends on overcoming technical resistance and broader market conditions, sustained institutional demand remains a key supportive factor for Ethereum’s price action.
In addition, we wrote that Bitcoin tops $81,000 as the Fear and Greed Index shifts to neutral.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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