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Tom Lee sees Ethereum decline as healthy market correction
The recent downturn in the cryptocurrency market, driven by a sharp drop in Ethereum’s price, has drawn close attention from investors and analysts. However, according to Tom Lee, President of BitMine, an Ethereum treasury management firm, the current decline is not a cause for concern but rather a natural correction following several months of steady growth.
In an interview with CNBC, Lee explained that the market’s recent volatility remains within the normal range of a prolonged rally. “The market is up 36% since the April lows,” he said. “Today’s drop is the biggest in six months. The VIX, the fear index, rose by 29% at one point — marking one of the top 1% single-day moves in history.”
BitMine increases Ethereum holdings amid pullback
Data from the on-chain analytics platform Lookonchain revealed that BitMine purchased 41,421 ETH, worth approximately $158 million, during today’s market correction. The move highlights the firm’s confidence in Ethereum’s long-term potential despite short-term volatility.
Earlier on X (formerly Twitter), Tom Lee shared an analysis by his colleague Mark Newton, who expects Ethereum to stabilize soon and resume its upward trajectory. Newton predicted that ETH could bottom out within the next one to two days before rebounding toward $5,500. He also noted that the short-term correction might end around October 11, citing technical indicators that point to support levels between $4,200 and $4,220.
Newton described the recent decline as a “minor three-wave pullback” following a strong rally between September 25 and October 7, emphasizing that Ethereum’s broader bullish trend remains intact.
Analysts expect recovery as market finds support
Continuing his remarks, Lee stressed that such corrections often create buying opportunities rather than panic. “This decline was expected. The market has already seen significant gains since April,” he said. “If there are no structural changes, this could be a good entry point.”
Lee added that while he does not believe the market has bottomed out yet, he expects prices to rise in the coming weeks, suggesting that the recent weakness may pave the way for a renewed bullish phase.
Both analysts maintain that Ethereum’s fundamentals remain strong, and the latest pullback could serve as a springboard for another major rally, potentially allowing ETH to test new highs before the end of the year.
Read also: Bitcoin and Ethereum rebound after Trump tariff crash
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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