BitMine CEO Tom Lee said that if Ethereum falls back to the $1,890 level, it could form a “perfect bottom.” Lee made this assessment at the Consensus 2026 conference.
Lee argued that a sustained recovery in the crypto market first requires a trend reversal in Bitcoin. According to him, the essential condition for a Bitcoin reversal is a weakening of gold. Lee stated that he believes this change will occur within 2026.
Speaking specifically about Ethereum, Lee emphasized that since 2018, ETH has experienced drops of over 52% eight times, and in all eight of those instances, the market saw a V-shaped bottom reversal.
Lee noted that Ethereum lost 64 percent of its value between January and March of last year, but then recovered almost as quickly, making up for its losses.
According to Lee, Ethereum is currently quite close to its bottom, and investors should look for opportunities rather than panic selling. Factors supporting Ethereum’s long-term growth potential include Wall Street’s trend of rebuilding the financial system on the blockchain, the expanding use cases of AI agents, and the creative economy.
Lee also stated that while there are some disagreements within Wall Street, the desire of large institutions to use public blockchains is clear.
*This is not investment advice.