Analyst Tom Lee: ETH consolidation will last until mid-week, after which it will reach new highs, and BTC will break through $130,000

ChainCatcher news, Tom Lee, the new chairman of BitMine, stated through Fundstrat Capital analysts yesterday that the recent consolidation of Ethereum is expected to last another 1-2 days, but the $4075-$4150 range will present a good risk/reward opportunity, lasting until the middle of this week. After that, Ethereum should rise close to $5100, reaching a slight new high.

This pullback trend is similar to what is suggested by the Elliott Wave Theory (which posits that financial markets do not fluctuate randomly but follow specific, predictable wave patterns. These patterns reflect the cyclical changes in investor sentiment and can be used to identify major trends and reversal points in the market.), so there is no need to worry at all. Meanwhile, Bitcoin should not fall below $111,900, and then it will rise to the $130,000-$140,000 range.

Previously reported, on August 19, Tom Lee, the new chairman of BitMine, retweeted the views of his Fundstrat Capital analysts on the X platform: Ethereum is experiencing a slight pullback, expected to pull back to $4075-$4150 by midweek. The pullback is healthy.