Tom Lee Predicts $62K ETH While Traders Focus on Resistance Levels

Tom Lee's Market Insights

Tom Lee of BitMine Immersion Technologies claims the crypto market has survived its harshest correction phase, signaling a reversal.
Lee dismisses the idea of traditional 4-year Bitcoin cycles, citing stabilization by market makers.
He is optimistic about Ethereum, predicting it could evolve into the financial settlement layer of the global economy.
If Ethereum returns to historical ratios versus Bitcoin, ETH might trade between $12,000 and $62,000.

BitMine's Holdings

BitMine now holds over $12 billion in Ethereum, with recent acquisitions totaling 41,946 ETH valued at approximately $130.78 million.

Resistance Levels and Market Analysis

Analyst Ali Martinez suggests Ethereum must break key resistance levels—first $4,800, then $6,800 and $8,800—for significant growth.
CryptoQuant reports Ethereum’s Taker Buy/Sell Ratio on Binance is near one, indicating potential end of November's correction.
Ethereum’s cumulative volume delta (CVD) shows increased buying interest, suggesting traders are accumulating dips.

Binance ETH CVD momentum and price correlation 30D | Source: CryptoQuant

The ongoing positive correlation between price and CVD indicates trader optimism about future liquidity from upcoming upgrades.