ETH Could Be Worth $15K Medium Term, $4K Target in the Short Term: Fundstrat's Tom Lee

Ethereum is attracting renewed institutional attention as both whale accumulation and high-profile endorsements strengthen the long-term bullish case for the network.

On Saturday, in a post on X, crypto analyst Ali Martinez said that Ethereum whales have acquired over 500,000 ETH over the past two weeks, signaling what some analysts interpret as quiet confidence among large holders. Historically, such buying behavior has often preceded major price moves or ecosystem developments.

In a recent interview with CoinDesk, Tom Lee, the head of research at Fundstrat, CIO of Fundstrat Capital, and the Chairman of Bitmine Immersion Technologies (BMNR), talked about his valuation outlook for ether. He referenced a model developed by Fundstrat’s Head of Digital Asset Strategy, Sean Farrell, which draws comparisons to private firms like Circle.

Using EBITDA-based multiples, Farrell estimates that ether could be worth up to $15,000. Lee supported that logic, noting that Layer-1 platforms like Ethereum — because they power entire ecosystems — often warrant higher valuation multiples, similar to how software firms command richer pricing than consumer businesses.

Lee also cited technical analysis from Mark Newton, Fundstrat’s Head of Technical Strategy, who sees ether potentially reaching $4,000 before the end of July. Lee said that level is only a first target, adding that a range between $10,000 and $15,000 is realistic based on current adoption and valuation trends. While he stopped short of offering a precise timeline, he noted that such a move could come by year-end — or potentially sooner.

Earlier this month, in an interview with CNBC, Lee called Ethereum “Wall Street’s preferred choice” for blockchain infrastructure. He pointed to JPMorgan’s stablecoin and Robinhood’s tokenization initiatives — both built on Ethereum — as evidence that traditional finance is increasingly aligning with the network. Lee added that Ethereum currently hosts more than 60% of all tokenized real-world assets (RWAs), a figure he expects will continue growing. If stablecoins surpass the $2 trillion mark, as forecast by Treasury Secretary Bessent, he said Ethereum would likely benefit from exponential growth in usage.

As of 16:41 GMT on July 19, ETH was trading at $3,564.10, down 0.26% over the past 24 hours, according to CoinDesk data.

Technical Analysis Highlights

• ETH-USD exhibited notable volatility over the 23-hour window from July 18 at 13:00 UTC to July 19 at 12:00 UTC, with prices fluctuating across a $189.98 range, marking a 5% swing between the $3,670.26 peak and the $3,480.58 trough, according to CoinDesk Research's technical analysis data.
• The sharpest movement occurred between 14:00 and 20:00 UTC on July 18, as ETH dropped from $3,670.26 to $3,480.58 on heavy volume, peaking at 830,808 units.
• This established strong resistance around $3,670 and support near $3,480.Following the decline, ETH entered a consolidation phase between $3,540 and $3,600, with falling trading volume suggesting a slowdown in sell-side momentum and potential price stabilization.
• During the final 60-minute period ending July 19 at 12:49 UTC, ETH showed renewed strength, climbing from an intraday low of $3,546.17 at 12:07 to $3,557.98 at 12:46.
• This V-shaped rebound occurred on increased volume at key inflection points, with spikes to 8,319 and 9,841 units at 12:08 and 12:29 UTC, respectively — potential signs of institutional accumulation and a reversal from the prior downtrend.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.