Tom Lee Says ETH Has Bottomed, Compare To S&P 500

Steady attention without excessive speculation.

Tom Lee’s Ethereum Bottom Call: Early March 2026

Lee identified the likely Ethereum bottom at approximately March 8 to 14, 2026, when ETH traded near the $1,740 to $2,000 support range. By March 19, ETH had recovered to approximately $2,185.

If the historical analogs hold, Lee expects ETH to break through the $4,000 resistance level and push well above $10,000 in a new leg up. He has previously cited targets ranging from $7,000 to $9,000 in the near term, with longer-term calls as high as $12,000 to $15,000.

Lee pointed to ETH’s recent price action as matching two historical patterns: the S&P 500’s rebound after the 1987 Black Monday crash and its recovery from the European debt crisis bottom in fall 2011. According to Lee, the correlation to the 1987 trajectory is approximately 93%, and the match to the 2011 recovery is around 89%. He also noted a broader Pearson correlation of roughly 0.7 between ETH and the S&P 500 over recent months.

Lee shared these views via video, which was later repurposed and circulated by crypto accounts including @AltcoinDaily. Because the video spread quickly, his framing of the current moment as the end of a “mini crypto winter” reached a broad retail audience within hours.

BitMine Backs the Call With $140 Million

Lee is not only talking. As Chairman of BitMine Immersion Technologies (NYSE: BMNR), he is deploying capital at scale. For the week ending March 15, 2026, BitMine purchased 60,999 ETH at approximately $2,185 per token, totaling around $140 million. That was the company’s largest single-week ETH purchase of 2026.

BitMine also made a similar purchase in early March, adding roughly 61,000 ETH in that week. As a result, the weekly buying pace has risen from a prior average of 45,000 to 50,000 ETH. Lee said the ramp-up reflects his view that the market is in the late or final stages of the downturn.

One notable detail: some of BitMine’s ETH was reportedly acquired directly from the Ethereum Foundation, according to CoinDesk.

BitMine Now Holds 3.81% of All ETH

BitMine’s total Ethereum holdings now stand at 4,595,562 ETH, representing approximately 3.81% of the total circulating supply. At $2,185 per token, that position is worth more than $10 billion.

Of that total, approximately 3.04 million ETH is staked through the company’s MAVAN staking program, generating annualized yield. BitMine also holds an additional $1.2 billion in cash and minor positions in other assets, bringing the total treasury value to roughly $11.5 billion. The company is targeting approximately 5% of total ETH supply.

The strategy closely mirrors MicroStrategy’s Bitcoin treasury approach. Although BitMine originally operated as an immersion cooling and mining company, it pivoted in 2025 to make ETH its primary treasury asset.

The Bull Case: ETH as Infrastructure

Lee’s argument is not purely technical. He frames Ethereum as undervalued infrastructure, pointing to its role as the primary settlement layer for stablecoins, real-world asset tokenization, and decentralized finance. He has described Ethereum’s trajectory as similar to Bitcoin’s evolution from speculative asset to productive store of value.

Because of those fundamentals, Lee cites several supporting factors: staking yields, Layer-2 scaling through networks like Arbitrum, Optimism, and Base, institutional access through Ethereum spot ETFs launched in 2024, and growing adoption of tokenized real-world assets on-chain. High trading volumes and rising active address counts are also central to his on-chain thesis.

Lee has described 2026 as a “defining year” for Ethereum and argued that ETH recoveries are historically V-shaped: the faster the decline, the faster the bounce back.

What the Skeptics Note

Despite his confidence, Lee’s track record on ETH price targets warrants caution. His earlier calls for $12,000 to $15,000 by early 2026 did not materialize. As of March 19, ETH was trading near $2,185, well below those targets.

His role as Chairman of BitMine creates a clear financial interest in bullish ETH sentiment. Given that conflict, investors should weigh his public commentary with that in mind. Notably, Fundstrat’s own internal research notes have flagged a possible H1 2026 drawdown to $1,800 to $2,000 before a projected recovery to $4,500 or higher by year-end, a considerably more cautious view than Lee’s public statements.

Although chart analogs are compelling, they are speculative by nature. An 89% or 93% correlation to historical price paths does not guarantee future outcomes. Historical patterns can break, and macro conditions in 2026 differ meaningfully from those of 1987 and 2011.

Where ETH Goes From Here

Whether Lee’s Tom Lee Ethereum bottom call proves correct depends on factors that remain uncertain: Federal Reserve rate policy, institutional ETF inflows, on-chain demand, and the pace of Layer-2 adoption. If the analogs hold, the recovery should already be underway from the March lows.

BitMine’s accumulation pace gives the thesis real weight. A company deploying $140 million in a single week is not hedging. For retail investors watching from the sidelines, the signal worth tracking may not be the price target. It may be how long BitMine keeps buying at these levels.

This article does not constitute financial advice. Crypto markets are volatile. Do your own research before making any investment decisions.