Fundstrat Research Head Tom Lee stated that Ethereum’s fundamentals remain strong despite the volatility in the cryptocurrency market and that asset tokenization will be a major catalyst, suggesting that ETH could bottom this week. Tom Lee stated that Ethereum is in a “supercycle” and that he maintains his bullish outlook in the long term despite technical corrections. According to Lee, the biggest driver keeping Ethereum's core story intact is the projects built on its blockchain, particularly the massive developments in asset tokenization. Financial institutions, including Wall Street's leading figure, BlackRock CEO Larry Fink, are exploring bringing traditional assets like stocks, bonds, and real estate to the blockchain. He noted that this process will require a neutral blockchain with 100% uptime, and that Ethereum is the most suitable candidate for this role. The analyst argues that despite the cryptocurrency's high volatility, the fundamental narrative is solid and that institutional interest will support Ethereum. Related News: Watch Out: Significant Selling Preparation May Be Underway in This Altcoin, On-Chain Data Reveals - It's Largest Institutional Holder While assessing the likelihood of Ethereum's price bottoming this week, the analyst highlighted the ratio of the value of all assets locked on its blockchain to its market capitalization. He noted that historically, Ethereum has bottomed at levels around 50%, and that the current situation is quite close to that level, increasing the likelihood of a bottom. He also argued that Ethereum is undervalued relative to Bitcoin (ETH/BTC). He added that he calculated that if Ethereum's price-to-BTC ratio were to reach its long-term (8-year) average, the ETH price could reach around $12,000, suggesting that Ethereum is currently undervalued. *This is not investment advice. Continue Reading: Big Bull Tom Lee Shares What He Expects After the Recent Drop
