Tom Lee: ETH May Be Near Its Bottom Range, Historically Rebounded in a V-Shape After Eight Halvings

According to Odaily, Tom Lee, Chairman of Bitmine, stated that Ethereum may experience a new round of V-shaped rebound after a recent decline and is currently close to its bottom range. He pointed out that since 2018, Ethereum has gone through eight cycles where it dropped by more than 50%, and in all eight instances, it rebounded at nearly the same pace and achieved a 100% recovery. Despite the pressure on price performance, on-chain data shows that ETH staking demand remains strong. Currently, the validator entry waiting time has reached a historical high of 71 days, with approximately 4 million ETH queued for staking. The total staked amount accounts for 30.3% of the circulating supply (about 36.7 million ETH).