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Fundstrat Co-Founder, Tom Lee, reaffirmed a bullish Ethereum outlook while the market trades sharply lower and technical signals stay mixed. He argued that growing institutional adoption, a looming network upgrade, and a friendlier macro backdrop can still support a long-term target between $7,000 and $9,000.
Meanwhile, BitMine Immersion Technologies, led by Lee, boosted its Ethereum holdings by almost 97,000 ETH in a single week, lifting its stash to 3.73 million tokens. The firm increased purchases despite large unrealized losses, while many digital asset treasuries slowed or paused buying.
Lee described the latest wave of tokenization activity as a turning point for Ethereum. He said large financial institutions building on the network now represent “the venerable and elite of Wall Street.”
His comments followed news that Amundi, Europe’s largest asset manager, launched a tokenized fund on public Ethereum. The firm did not seek permission from ecosystem leaders before deploying, according to Ethereum Foundation ecosystem lead James Smith.
Smith noted that Amundi manages more assets than Fidelity’s asset management arm and PIMCO. He stressed that the group ranks first in Europe and inside the global top ten. Smith also underlined that Amundi chose public Ethereum instead of a permissioned chain.
BlackRock and Franklin Templeton have taken similar steps by issuing tokenized products on Ethereum. These moves helped strengthen the narrative that the network has become the preferred venue for real-world asset tokenization. Lee believes this institutional trend lays important groundwork for future gains in the ETH price.
Tom Lee’s Ethereum Price Target Faces Technical Headwinds
Despite steep market losses, Lee expects the current pullback to create room for a strong Ethereum rebound. He projected short-term downside toward $2,500 as minor compared to what he views as potential upside. His base case calls for the Ethereum price to reach $7,000 - $9,000 by late January 2026.
Lee’s broader thesis extends beyond short-term chart patterns. He expects 2026 to deliver a strong rebound for both crypto and equities as US liquidity conditions improve. He cited a potential shift in Federal Reserve policy, a historically weak manufacturing cycle, and rising institutional demand as key pillars of that outlook.
On Bitcoin, Lee spoke of a developing supply squeeze. He linked halving-driven issuance cuts and shrinking exchange reserves to his long-term forecast that BTC could eventually trade between $100,000 and $150,000, with an even higher multi-year target.
He applies a similar supply-and-demand framework to Ethereum. Exchange balances continue to trend lower, while tokenization, stablecoin activity, and staking keep absorbing supply. In that context, he views the current ETH price near $2,800 as part of a larger accumulation phase.
Furthermore, Lee highlighted the upcoming Fusaka upgrade on Ethereum as a key part of his thesis. The update aims to make the network faster, more secure, and easier to use, which he thinks will strengthen Ethereum’s appeal for large financial firms.
Also Read: Will ETF Inflows and Breakout Strength Push Ethereum Toward a $6,000 Target?
