Tom Lee of Fundstrat agrees that the long period of sideways trading in Ethereum ($ETH) is setting the stage for a mega price rally.
Lee replied “Agree” to a post by James Easton, co-founder of Alpha Metrics. Easton argued that many investors are selling $ETH too early and that Ethereum’s nearly five-year trading range is becoming a major launchpad for future growth.
He believes the five-year box “will reward the patient and punish the twitchy”. Lee’s support stands out because he has remained firmly bullish on Ethereum’s long-term potential, while Bitmine has continued aggressively accumulating $ETH.
Ethereum Has Rallied 86% From June Low
Notably, Ethereum’s price has surged 86% from its June low. $ETH is currently trading around $2,693, up about 10% this week and 9% this month.
Ethereum has also significantly outperformed Bitcoin over the past three months. In particular, it has gained about 71%, compared with Bitcoin’s 40%.
For context, $ETH fell to $1,506 in June and has since then climbed as high as $2,806, marking an increase of about 86%.
The move reinforces the case that Ethereum’s extended period of sideways trading is laying the groundwork for much larger price surges.
Tom Lee Is Backing His Ethereum View With Money
Tom Lee’s bullish Ethereum outlook is also reflected in Bitmine Immersion Technologies, the Ethereum-focused company he chairs.
As of September 21, Bitmine held about 5.98 million $ETH, worth around $16 billion. The company purchased another 27,562 $ETH during the previous week. Lee said Bitmine has bought $ETH every week since launching its Ethereum Treasury Strategy in June 2025.
Bitmine also had about 5.07 million $ETH staked, worth roughly $13.6 billion at an $ETH price of $2,688.
Lee says the current crypto market is in a bull market that began in late June. He has pointed to several factors driving the trend, including capital moving from AI stocks into crypto, the growth of tokenization and AI, and the end of the traditional four-year crypto cycle.
He has also highlighted Ethereum’s recent outperformance against major traditional assets. Lee expects Ethereum’s strong third-quarter performance to carry into an even stronger fourth quarter.
He also expects institutions that have maintained relatively small crypto allocations in 2026 to increase their exposure toward the end of the year.
$ETH outperforming $SPY by 6,519bp so far on 3Q with only about a week left
– FOMO incoming https://t.co/hvMxeL37iW
— Thomas (Tom) Lee (not drummer) FundstratDirect.com (@fundstrat) September 21, 2026
Lee’s High $ETH Price Targets
Tom Lee has maintained a bullish view on Ethereum for years, with his price targets changing alongside market conditions.
In 2025, Lee said $ETH could reach $12,000 if Bitcoin reached $250,000 and Ethereum returned closer to its historical valuation relative to Bitcoin. He also outlined scenarios in which $ETH reached $22,000 or more if Ethereum significantly strengthened against Bitcoin.
Lee has repeatedly compared Ethereum’s growth trajectory with major technology and financial companies during their early stages. He sees Ethereum playing a central role in tokenization and the development of the future financial system.
For now, $ETH has already surged nearly 2X from $1,506 in June to above $2,800 this week. The next phase of Ethereum’s cycle now centers on whether $ETH breaks decisively out of its long-term trading range and begins a substantially larger expansion.
