Tom Lee Says Ethereum Nearing V-Shaped Bottom After 36% Drop

Ethereum has dropped more than 36% in the past month and struggles to reclaim $2,000, with Fundstrat head of research Tom Lee noting at a Hong Kong conference this week that ETH has formed V-shaped bottoms after eight prior drawdowns exceeding 50% since 2018. Lee cited market analyst Tom DeMark's view that Ethereum may need to revisit $1,890 to establish a perfected bottom, adding that based on past downturns in late 2018, late 2022, and April 2025, ETH appears close to such a low even as it traded near $1,760 on Feb. 6 and approached its 2025 low of almost $1,400. BitMine, the ETH-focused treasury firm chaired by Lee, bought roughly $83 million of ETH this week in two blocks of 20,000 ETH via BitGo and FalconX, while trading firm Trend Research fully exited its Ethereum exposure, closing what it said was once Asia's largest ETH long of about $2.1 billion in leveraged positions and realizing losses of around $869 million.