Summary
- Tom Lee stated that the key support level for Ethereum (ETH) is $2500.
- He said that if ETH falls to $2500, there is a possibility that new buying pressure will enter.
- He said further declines below $2500 could worsen market sentiment, but that long-term network demand is solid.
Tom Lee, chairman of Bitmine (BMNR), identified $2500 as the key support level for Ethereum (ETH) and mentioned the possibility that buying pressure could re-enter at that level.
According to virtual asset (cryptocurrency) specialist media CryptoBriefing on the 26th (local time), Chairman Tom Lee said in a recent interview, "The price range where Ethereum selling pressure will calm appears to be $2500," and "If ETH falls to this point, new buying pressure could enter."
He analyzed that the ETH market has entered a short-term adjustment phase but that it could seek a rebound upon reaching the key support price. Ethereum recently showed a concurrent weak trend due to Bitcoin's correction and market-wide risk-off sentiment.
He also raised concerns that if ETH falls further below $2500, market sentiment could worsen. However, Tom Lee is reported to have maintained the view that "the long-term demand and usability of the Ethereum network are solid."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
![Major indexes plunge more than 1% on escalation, oil shock and Powell’s hawkish message [New York market briefing]](https://media.bloomingbit.io/PROD/news/7ab25f88-fcab-4892-bf58-5b6bc64fcc31.webp?w=250)