- Ethereum may be forming a short-term bottom, according to a chart shared by Tom Lee from former Bank of America strategist Stephen Suttmeier.
- The $1,693–$1,708 support zone is critical for sustaining the recent rebound, while $1,846–$1,876 resistance must be cleared for further upside.
- A move above resistance could open the door to $1,987, $2,100, and potentially $2,225–$2,239.
- Ethereum gained 0.9% in the past 24 hours, while BitMine Immersion Technologies (BMNR) shares fell 1.2%.
Tom Lee, chairman of BitMine Immersion Technologies (BMNR), shared a technical analysis on Thursday from former Bank of America strategist Stephen Suttmeier, indicating Ethereum may be forming a short-term bottom after months of weakness. The analysis, posted as a chart, suggests the token could be stabilizing following a prolonged decline that has left it roughly 60% below its all-time high.
According to Suttmeier, Ethereum must stay above the $1,693–$1,708 support zone to preserve its recent rebound. Holding this range would suggest selling pressure is easing rather than accelerating. The next key resistance area sits between $1,846 and $1,876; a move above that level would signal stronger buying interest.
Consequently, breaking through resistance could pave the way for gains toward $1,987, followed by $2,100. If momentum builds further, Suttmeier identified the next major resistance between $2,225 and $2,239. The chart was shared on X by Lee, who called the read “interesting.”
Meanwhile, Ethereum’s price rose 0.9% over the last 24 hours to around $1,747, while BMNR’s stock fell 1.2% in afternoon trade. Some retail traders on Stocktwits noted the divergence, with one user pointing to dilution as a headwind for the stock. BMNR has fallen over 46% this year, while Ethereum has dropped roughly 40%.
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