Tom Lee shared a technical analysis by former Bank of America technical strategist Stephen Suttmeier suggesting Ethereum may be forming a short-term bottom after months of weakness.
- The analysis identified $1,693 to $1,708 as a key support zone that Ethereum needs to hold to sustain its recovery.
- A move above the $1,846 to $1,876 resistance range could open the door for gains toward $2,100 and beyond.
- Ethereum gained about 0.9% over the past 24 hours, while shares of BitMine Immersion Technologies fell 1.2%.
BitMine Immersion Technologies (BMNR) Chairman Tom Lee called new Ethereum chart read “interesting” on Thursday, suggesting Ethereum (ETH) may be forming a short-term bottom after months of weakness, though BMNR shares failed to follow the token higher.
Lee shared a chart from former Bank of America technical strategist Stephen Suttmeier, which forecast that Ethereum could be stabilizing after a prolonged decline that has left the token about 60% below its all-time high.
Key Price Levels Could Decide Ethereum’s Next Move
According to Suttmeier, Ethereum needs to remain above the $1,693 to $1,708 support zone to preserve its recent rebound. The range aligns with several short-term technical indicators and, if maintained, would suggest selling pressure is easing rather than accelerating.
The analysis identified $1,846 to $1,876 as the next key resistance area. A move above that range would indicate stronger buying interest and could pave the way for gains toward $1,987, followed by $2,100.
If momentum continues to build, Suttmeier said the next major resistance sits between $2,225 and $2,239.
BMNR Stock Lags Ethereum’s Recovery
Ethereum's price was up 0.9% over the last 24 hours, trading at around $1,747, while BMNR's stock fell 1.2% in afternoon trade. Some retail traders on Stocktwits took issue with divergence even as retail sentiment around both ETH and BMNR trended in 'bullish' territory on the platform.
One user said the stock seemed stuck at current levels and pointed to dilution as part of the problem. Another noted that BMNR has often fallen more than ETH on down days and has not kept up when ETH turns higher.
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BMNR’s stock has fallen over 46% this year, while Ethereum’s price has dropped by around 40%.
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