Tom Lee: ETH May Be Near Its Bottom Range, Historically Rebounded in a V-Shape After Eight Halvings
According to Odaily, Tom Lee, Chairman of Bitmine, stated that Ethereum may experience a new round of V-shaped rebound after a recent decline and is currently close to its bottom range. He pointed out that since 2018, Ethereum has gone through eight cycles where it dropped by more than 50%, and in all eight instances, it rebounded at nearly the same pace and achieved a 100% recovery. Despite the pressure on price performance, on-chain data shows that ETH staking demand remains strong. Currently, the validator entry waiting time has reached a historical high of 71 days, with approximately 4 million ETH queued for staking. The total staked amount accounts for 30.3% of the circulating supply (about 36.7 million ETH).
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BlackRock CIO Dumps Stocks for High-Grade Bonds. Here’s Why
A HYPE whale transferred 266,600 tokens worth approximately $24.29 million to exchanges within three days.
Former senior official of the Bank of Japan predicts that a rate hike in October is "a real possibility," with a very low probability of postponement until next year
A former executive director in charge of monetary policy at the Bank of Japan stated that the Bank of Japan may raise its benchmark interest rate for the second consecutive month at the October policy meeting, which would be earlier than most economists expect.
Falling Oil Could Trigger a 10% Stock Market Rally, Says Wall Street Strategist
Crypto prices
More
