Tom Lee Predicts Ethereum To Bottom This Week As BitMine Buys 60,976 ETH

BitMine Immersion Technologies (NYSE:BMNR) purchased 60,976 Ethereum (CRYPTO: ETH) previous week and forecasts ETH to bottom between March 8-14.

The 61,000 ETH Purchase

BitMine acquisition exceeds the recent weekly average of 45,000-50,000, with total holdings reaching 4,534,563 ETH at $1,965 per ETH.

The company now owns 3.76% of the ETH supply, over 75% of the way to the “Alchemy of 5%” target in just eight months.

Total crypto and cash holdings reached $10.3 billion, including 4.5 million ETH, $1.2 billion in cash, 195 Bitcoin (CRYPTO: BTC), $200 million stake in Beast Industries, and $14 million stake in Eightco Holdings.

BitMine has 3,040,483 staked ETH representing $6.0 billion at $1,965 per token. This represents 67% of total ETH holdings. Annualized staking revenues stand at $174 million with projected rewards of $259 million annually at full scale.

The Tom DeMark Bottom Call

Chairman Tom Lee referenced BitMine advisor Tom DeMark of DeMark Analytics, who identified correlations between 2026 ETH price action and historical S&P 500 patterns from fall 2011 and fall 1987.

The correlations measure 89% and 93% for 2011 and 1987 respectively.

“If these analogs hold, ETH prices bottom between March 8th to March 14th and just below the recent lows of $1,740,” Lee said.

Lee emphasized the contrarian timing: “As the adage goes, nobody ‘rings the bell at the bottom’ and therefore Bitmine’s strategy is to now slightly increase its pace of ETH accumulation.” The 61,000 ETH purchase represents this accelerated buying.

BMNR Tests Broken Support

BMNR is attempting to bounce from severe oversold levels after breaking below the critical $20 support zone. 

The Supertrend at $23.92 remains bearish. Bollinger Bands show upper at $21.58, middle at $20.06, and lower at $18.59.

BMNR broke below the lower band but is now recovering back toward the middle band at $20.06, which acts as key resistance. 

Today’s 4.5% bounce attempts to reclaim this broken support, but $20 now acts as resistance. Critical resistance sits at $20.06 and the $21-$22 zone. Support sits at $18.59 and the ultimate floor at $12-$15.

Image: Shutterstock