BitMine’s Tom Lee predicts an ultra-bullish climb toward $62,000 for Ethereum following the Fusaka upgrade on Dec. 3.
Tom Lee, the chairman of ETH ETH $3 138 24h volatility: 1.9% Market cap: $378.18 B Vol. 24h: $25.97 B holding company BitMine Immersion Technologies, believes that the crypto market has already survived its harshest correction phase.
Speaking at Blockchain Week in Dubai, he argued that the pullback that began in October is over. Lee talked about previous cycles where similar drops resolved within six to eight weeks and added that the market is entering its reversal window.
No 4-Year Cycles
According to Lee, fears tied to quantum threats, liquidation cascades, and concerns around Tether and MicroStrategy contributed to the recent market anxiety.
Yet he now sees evidence that market makers have stabilized. In his view, crypto’s bullish cycle will resume, and the traditional idea of Bitcoin’s four-year halving cycles no longer applies.
When discussing Ethereum, Lee remained exceptionally optimistic and said that major financial institutions like JPMorgan, BlackRock, and others are building real-world asset tokenization rails on Ethereum.
From his perspective, Ethereum is evolving into the core financial settlement layer of the global economy. He said that if Ethereum returns to its historical average ratio versus Bitcoin, ETH could trade near $12,000. A return to the 2021 peak ratio places ETH close to $22,000.
But Lee’s most ambitious forecast assumes ETH grows into the backbone of worldwide settlement which could lift the ETH/BTC ratio toward 0.25 and push Ethereum to roughly $62,000.
According to a recent release, the firm now holds more than $12 billion worth of Ether. Earlier today, Lookonchain revealed that BitMine had accumulated 41,946 ETH, worth about $130.78 million, at a price near $3,100.
It seems that Tom Lee(@fundstrat)'s #Bitmine just bought another 41,946 $ETH($130.78M) 5 hours ago.https://t.co/adab0TBF5Phttps://t.co/bYWnrPoBLU pic.twitter.com/z8QPzY0q95
— Lookonchain (@lookonchain) December 5, 2025
Traders Turn to Key Resistance Levels
Analyst Ali Martinez took a more practical approach while sharing Lee’s words. While he acknowledged the possibility of a $62,000 ETH, the analyst argued that the market must first clear critical resistance levels.
$62,000 $ETH!??
It could be… But first, Ethereum needs to break $4,800. And even then, the next key targets are $6,800 and $8,800. https://t.co/JQEazwCIzi pic.twitter.com/tl2wzaCKQ0
— Ali (@ali_charts) December 5, 2025
According to Martinez, Ethereum needs to break above $4,800 to unlock momentum. Beyond that, the next major targets lie at $6,800 and $8,800. Clearing these levels will make ETH the next crypto to explode in the next cycle.
Meanwhile, according to CryptoQuant analysts, Ethereum’s Taker Buy/Sell Ratio on Binance climbed to 0.998 immediately following the Fusaka network upgrade. This was the highest reading since early August.
ETH taker buy sell ratio | Source: CryptoQuant
A breakout above 1.0 would confirm the end of November’s correction and open the path toward the $3,500 and $4,000 zones.
CryptoQuant also noted that Ethereum’s cumulative volume delta (CVD) on Binance has shown sharp spikes of buying interest, and the indicator is now in positive territory.
Binance ETH CVD momentum and price correlation 30D | Source: CryptoQuant
The 30-day correlation between price and CVD remains at a relatively high 0.6. According to analysts, this pattern confirms that traders are accumulating dips in anticipation of increased liquidity as future upgrades approach.
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