- Bitmine Immersion’s Tom Lee says $16,000 ETH price possible.
- The expects this high based on ratio of ETH/BTC during 2021 high.
- Institutions continue to accumulate more ETH.
Bitmine Immersion’s Tom Lee says a $16,000 ETH price possible based on ratio of ETH/BTC during 2021 high, as institutions continue to accumulate more ETH at a rapid pace before the price of ETH breaks past the $4,000 price range. Bitmine Immersion has now become the top accumulator to hold ETH with $2.9 billion worth of ETH , as Tom Lee educated the masses of the massive potential behind ETH.
$16,000 ETH Price Possible Based on Ratio of ETH/BTC
The price of the pioneer altcoin, Ethereum (ETH), continues to trade at the $3,600 price range as analysts grow more eager to see ETH break past the $4,000 price range. Over the last few weeks, ETH price came close to breaking past $4,000 when it surpassed the $3,900 after a dip to the $3,600. Since then, another dip took ETH to the $3,400 price and the asset is now back to the $3,600.
Amidst these dips several institutions have seen the dips as a golden opportunity to buy more ETH. To highlight, some of the biggest ETH buyers so far have been BlackRock, which has been steadily accumulating more ETH for its ETF, SharpLink Gaming, which has been holding ETH as a Treasury, and Bitmine Immersion , which has been accumulating so much ETH as its strategic holdings that it has become the largest ETH holding institutions so far.
This is because the Chair of the Bitmine Immersion board is Thomas Lee , also known as Tom Lee, a strong advocate for ETH and a financial expert. Lee sees high pump potential in both BTC and ETH as he sees a shift in crypto’s financial dynamics in the months ahead. At the moment, he is more bullish on ETH over BTC, as the former has a greater potential for an exponential pump over the latter.
As we can see from the post above, Tom Lee talks about the potential ETH has to hit $16,000 based on the ratio of ETH/BTC during the 2021 high. By drawing a comparison to ETH’s previous high pump to the current ongoing bull market’s state, Tom Lee concludes that ETH still has a long way to go, and that this bull target will take it as far as $16,000. Responses to the post show excitement for ETH.
Institutions Continue to Accumulate ETH
As we can see from the post above, ETH accumulation shows no signs of slowing down, as a mysterious whale or institution created a new wallet again, and received 11,062 ETH worth $40.74 million from FalconX. Moreso, over the past 3 days, this entity has created 5 wallets and has accumulated 147,591 ETH worth $541.66 million from FalconX, Galaxy Digital, and BitGo.
