Key Takeaways
- Fundstrat’s Mark Newton expects Ethereum to bottom near $4,300 within the next 12 hours, presenting a strong risk-reward setup.
- Ethereum’s bullish outlook remains intact if it stays above key support at $4,067, with upside potential toward $5,400.
Ethereum looks set to bottom near $4,300 within the next 12 hours before resuming its uptrend, said Mark Newton, Managing Director and Head of Technical Strategy at Fundstrat Global Advisors, in a recent note shared by Thomas “Tom” Lee.
Resistance is expected near $5,100, according to Newton, with potential for Ethereum to reach $5,400–$5,450 on a breakout. Maintaining support above $4,067 would keep the bullish thesis intact and invalidate short-term bearish perspectives.
“ETH is a very good risk/reward here. I am highly skeptical it breaks this trend nor breaks 4,067 from 8/18. THAT’S what’s required to think a bullish stance near-term is wrong,” he noted.
Ethereum was trading near $4,400 at press time, down more than 7% in the past 24 hours amid a market-wide correction that pushed Bitcoin below $110,000. The largest digital asset last changed hands at around $109,782, per CoinGecko data.
BitMine Immersion, Lee’s Ethereum treasury company, holds more than 1.7 million ETH valued at roughly $7.5 billion. The firm added 190,500 ETH last week, cementing its position as the largest corporate holder of the coin.
