In a keynote address at the Consensus Hong Kong 2026 conference, Tom Lee, Chairman of Bitmine (BMNR) and head of research at Fundstrat, delivered a powerful forecast for Ethereum, asserting the asset is approaching a market bottom and is poised for a dramatic 'V-shaped' recovery. This analysis arrives amidst significant market volatility, with Ethereum having declined 37% over the past 30 days and struggling to maintain a price above $2,000.
Lee's thesis is anchored in a clear historical pattern: since 2018, Ethereum has experienced eight separate price declines exceeding 50%, and each was followed by a robust and rapid rebound. He encourages investors to view the current phase as a potential accumulation opportunity. "A lot of people are frustrated, but keep in mind that Ethereum, since 2018, has fallen more than 50% eight times," Lee stated, emphasizing that the asset has historically recovered at the same pace it fell.
Adding technical credence to the prediction, BitMine market analyst Tom DeMark identified the $1,890 price level as a potential bottom, suggesting a final "undercut" near this level would "perfect" the bottom. Lee agreed with this assessment, expressing confidence in an eventual recovery.
Despite the price struggles, fundamental demand for Ethereum remains robust. On-chain data reveals record-high staking activity, with a 71-day wait to stake and over 36.7 million ETH (30.3% of the supply) now staked. This strong staking demand persists despite a modest 2.83% annual percentage rate (APR), indicating long-term holder conviction.
Lee's prediction provides a data-driven, optimistic perspective but comes with inherent market uncertainties. He and other analysts stress that while historical patterns are instructive, each cycle is unique, influenced by Ethereum's ongoing technological upgrades (like 'The Surge') and the broader macroeconomic backdrop of interest rate adjustments and quantitative tightening.
