Tom Lee, the executive chair of Ether treasury company BitMine, believes Ether is following a similar trajectory to Bitcoin, which saw its price increase over 100 times since 2017.
Lee shared in an X post on Sunday that he first recommended Bitcoin (BTC) to clients of his research firm, Fundstrat, in 2017 when it was priced around $1,000. He noted that Bitcoin experienced multiple price declines of up to 75% in the years following that initial recommendation.
Despite these fluctuations, Bitcoin has since "100x from our first recommendation," Lee stated. He expressed confidence that "ETH is embarking on that same Supercycle."
Ether (ETH) had lagged behind Bitcoin for several months in early 2025, even as Bitcoin reached new price highs. ETH achieved an all-time high of $4,946 in August, while Bitcoin continued its ascent to a peak of over $126,000 in October.
As of Monday, Bitcoin has decreased by 25% from its peak, and Ether has seen a drop of over 35% from its high as the market has contracted. Lee attributed such volatility to doubt, stating that it is "discounting a massive future."
"To have gained from that 100x Supercycle, one had to stomach existential moments to HODL," he added.
Ether Nears Long-Term Holders' Buy-In Price
CryptoQuant contributor Burak Kesmeci noted on Sunday that with Ether trading around $3,150, it is approximately a $200 drop away from reaching the average cost basis of long-term accumulators, also referred to as "those who have been ‘patiently stacking.’"
Kesmeci added that Ether has only fallen below this accumulation price level once, in April, coinciding with the implementation of US President Donald Trump’s global tariffs.
He further stated that around 17 million ETH has been added to accumulation addresses this year. The total balance held by long-term wallets has increased to 27 million ETH, up from 10 million ETH at the beginning of the year.
Kesmeci suggested that if ETH drops below $2,900 to the cost basis of these long-term holders, it is unlikely to remain at that level for an extended period. He characterized this price point as historically representing "one of the strongest long-term accumulation opportunities."
Ether had reached a 24-hour low of $3,023 but has since seen a slight recovery, trading flat over the past day at $3,185.