Wall Street strategist Tom Lee says Ethereum is bottoming, and a whale has placed a bet worth roughly $45M on that view. The chart is more cautious: ETH still trades below its key averages, and the first resistance level is the test of the call.
Tom Lee says Ethereum has hit a floor, and a large holder appears to share his view. Lee, known for his bullish crypto calls, gave no price target or time frame. He argues that selling pressure on ETH looks exhausted.
The call follows a decline, as ETH lost about 13% over the past 30 days. Yet a whale has placed a bet worth roughly $45M that Lee is right.
Ethereum trades below both averages it needs to reclaim
ETH trades near $2,250, below its first resistance level. The 50-day average stands near $2,390, and the 200-day average sits around $2,310. Each line now acts as a ceiling, so buyers would need to push through the 200-day first and then the 50-day.
ETH ended both the last 24 hours and the week flat. The selling has paused, but buyers have yet to take control.
Momentum turns up while RSI stays weak
RSI reads 41 on the daily chart, below the neutral middle band but well above the oversold zone. The MACD has crossed above its signal line, so short-term momentum has started to turn up.
According to the source, this crossover is the first chart evidence that lines up with Lee's bottoming view. On its own, it marks a change in direction without confirming a rally.
The first test sits near $2,360
The first real test sits near $2,360, about 5% above the current price. A daily close above it would open the way toward the next resistance near $2,450, just past the 50-day line.
On the downside, the nearest support sits near $1,850, roughly 18% below today's price. Losing that band would undo the bottoming thesis.
Lee's call stays unproven until ETH clears the first resistance and holds. One large bet cannot set a trend.
Source: Crypto Daily
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