Tom Lee Says Ethereum Hits Cyclical Bottom

Prominent market analyst Tom Lee declared on March 20 that Ethereum's price has likely reached its cyclical bottom, signaling the potential end of an extended bear market for the second-largest cryptocurrency. Ethereum was trading around $2,100 at the time, reflecting a modest 1 percent gain over the previous 24 hours and 4 percent over the past week, though it remains more than 50 percent below its all-time high of approximately $4,900 from August 2025.

Lee, co-founder of Fundstrat Global Advisors and chairman of Bitmine Immersion Technologies, based his assessment on technical analysis and on-chain metrics. He referenced work by market technician Tom DeMark, who identified a 93 percent correlation between Ethereum's recent price patterns and the S&P 500's recoveries following the 1987 Black Monday crash and the 2011 U.S. debt ceiling crisis. Under the 1987 analogy, Ethereum would have bottomed around March 7; the 2011 parallel suggests the low is occurring now. "Using his analysis, we think we're at the bottom or exiting the crypto winter now," Lee stated.

Supporting this view, Ethereum's realized price—the average cost basis of all coins held on-chain—stands at $2,241, with...