🚨 TOM LEE HALVED HIS $ETH TARGET — HE'S STILL BUYING
Tom Lee says ETH is “on the verge of a breakout.” His own year-end price target has been cut in half.
1. ETH is currently at $2,398.87. It’s fallen below $2,400. Down 4.5% over 7 days (CoinGecko).
2. Lee’s year-end ETH price target has been cut in half (Stocktwits 10-17). It’s half of the “conservative” target he gave last month. That same day, he also told CNBC that crypto assets had reached support.
3. BitMine’s holdings are nearing its target of 5% of ETH’s circulating supply. StreetInsider says the largest crypto treasury buyer is “approaching its limit.” A whale just transferred $57.88 million worth of ETH. Outflows from ETH products are deepening (AMBCrypto).
My take: The bullish talk is for everyone else; the price target is what he uses for his own calculations. He talks about a spring, but keeps lowering his target. The day BitMine reaches 5% is the day its buying dries up.
What to watch: If ETH can’t reclaim $2,400 by tonight’s close, “on the verge of a breakout” means a breakout to the downside.
Do you trust Tom Lee’s words, or his price target?
$ETH #ETHDropsBelow2400USDT #TradingStrategy
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Fully quantitative trading, capturing every market opportunity.
Tom Lee says ETH is “on the verge of a breakout.” His own year-end price target has been cut in half.
1. ETH is currently at $2,398.87. It’s fallen below $2,400. Down 4.5% over 7 days (CoinGecko).
2. Lee’s year-end ETH price target has been cut in half (Stocktwits 10-17). It’s half of the “conservative” target he gave last month. That same day, he also told CNBC that crypto assets had reached support.
3. BitMine’s holdings are nearing its target of 5% of ETH’s circulating supply. StreetInsider says the largest crypto treasury buyer is “approaching its limit.” A whale just transferred $57.88 million worth of ETH. Outflows from ETH products are deepening (AMBCrypto).
My take: The bullish talk is for everyone else; the price target is what he uses for his own calculations. He talks about a spring, but keeps lowering his target. The day BitMine reaches 5% is the day its buying dries up.
What to watch: If ETH can’t reclaim $2,400 by tonight’s close, “on the verge of a breakout” means a breakout to the downside.
Do you trust Tom Lee’s words, or his price target?
$ETH #ETHDropsBelow2400USDT #TradingStrategy
——
Fully quantitative trading, capturing every market opportunity.
