After the cryptocurrency market's crazy surge last Friday, it has been declining continuously until stabilizing around noon yesterday. However, BTC still hasn't returned to the $110,000 level, which is concerning. ETH barely returned to $4,500; although the decline has stopped, the situation is still not very optimistic. Bitcoin is currently in a relatively poor situation, but the spot ETF has finally stopped falling and has turned to net inflows after six consecutive days of net outflows. In contrast, the situation for Ethereum is relatively strong, recording three consecutive days of net inflows this week.
The recent strong performance of ETH is mainly attributed to Wall Street financial guru Tom Lee consistently promoting it and actively using his publicly listed company BitMine as an ETH reserve company, buying ETH almost every week like a strategy. Last week, he made two predictions about ETH's performance, both of which came true, including a mid-week correction and a rebound on Friday. Yesterday, he predicted that ETH would hit the bottom in a few hours, and indeed ETH has started to recover, with hints suggesting it could rise to the $5,400 level. Whether he will hit the mark again this time remains to be seen.
In the US market, it is expected that we will have to wait for tomorrow's unemployment numbers and preliminary GDP data before the market returns to some volatility. At the same time, we should pay attention to whether Trump's dismissal of Fed Governor Lisa Cook will continue to escalate, as challenges to Fed independence could affect investor confidence in the US financial system. If everything is determined by Trump, given his unpredictable personality, there is a chance that people will hesitate towards the US market. Moreover, the cryptocurrency market is likely to follow the decline of the US stock market in the short term, so this matter still requires caution.
"MICA Daily｜Tom Lee predicts ETH has bottomed, can it rise to $5,400 next?" This article was first published on (Blockke).
