Billionaire analyst Tom Lee remains long-term bullish on Ethereum, even comparing its potential trajectory to Bitcoin’s 100x rise from 2017.
By Parth Dubey
Editor Yana Khlebnikova
Updated
3 mins read
However, he revealed a deeper, more troubling risk that may be driving the current correction to $3K.
To me, the weakness in crypto has the all the signs
– of a market maker (or two) with a major “hole” in their balance sheet
Sharks circling to trigger a liquidation / dumping of prices $BTC
Is this pain short-term? Yes
Does this change the $ETH supercycle of Wall Street… pic.twitter.com/0jfkXYnfv9
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 15, 2025
According to Lee, this risk has nothing to do with fundamentals, adoption, or regulation. It’s something much more structural.
According to CoinMarketCap, the Fear and Greed Index has crashed to 16, firmly in extreme fear territory. Meanwhile, the average RSI across major tokens has dropped below 40.
Bitcoin hovered near $91K while Ethereum held around $3K both displaying muted daily movement. In his recent statement, BitMine chairman Lee said that the current crypto weakness may be the result of one or more large market makers suffering a hole in their balance sheets.
That kind of liquidity gap can trigger a series of liquidations if “sharks” push prices far enough to force automated selling. According to Lee, the pattern of price action, order book behavior, and sudden liquidity pockets indicates that a major player could be under stress or competitors may be intentionally driving prices lower.
Meanwhile, forced liquidations are increasing volatility. However, he stressed that this scenario represents short-term pain, not the start of a long-term collapse. Lee argues that Ethereum, like Bitcoin in 2017, may be entering a multi-year supercycle.
Ethereum is nearing the lower boundary of a long-term rising wedge. A breakdown from this structure could send ETH toward deeper support levels.
The chart also shows a potential target to $10,000, but only if the asset first survives a potential retest of lower support.
Source: TradingView
Indicators like the RSI and MACD continue to flatten, as traders remain undecided regarding potential future moves.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
