New statements regarding ETH came from BitMine president Tom Lee, who recently predicted that the price of Ethereum (ETH) could reach $10,000.
Tom Lee stated yesterday that Ethereum will enter a major “supercycle” period in the near future.
The famous name also added that ETH's current price level offers an attractive investment opportunity.
We Accelerated Ethereum (ETH) Purchases!
Tom Lee first stated that there was a significant deleveraging event in the cryptocurrency market this month.
Stating that this crash presented a buying opportunity, Lee said that his company, BitMine, accelerated its Ethereum purchases after the crash.
BitMine purchased another $250 million worth of ETH from cryptocurrency exchanges Bitgo and Kraken on Monday, according to data from blockchain analytics platform Arkham Intelligence.
At this point, Lee stated that the current price level offers an attractive buying opportunity, saying:
Open interest for Ethereum is currently hovering around the levels seen on June 30th of this year. At that time, ETH was at $2,500.
Given the expected Supercycle for Ethereum, the current price differential presents an attractive risk/reward structure.
Tom Lee also stated that if ETH/BTC breaks through the 0.087 resistance, he predicts ETH will reach $5,000 in the short term.
As you may recall, Tom Lee, along with BitMEX co-founder Arthur Hayes, one of the important names in the market, recently stated that Ethereum will reach $10,000 within the year.
*This is not investment advice.
