Tom Lee says Ethereum may bottom near $2,400 before potential rebound and long-term rally

Tom Lee outlined his 2026 market outlook on February 1 during an appearance on podcast "The Compound", saying he remains broadly bullish on cryptocurrencies even as he believes the market is currently in a bear phase with notable short-term pressure, BlockBeats reports. He suggested ETH could establish a bottom around $2,400, after briefly dropping to about $2,200 intraday before trading back near $2,400, and argued that the long-term crypto bull cycle that began in 2022 is still in its early stages. Lee added that if the ETH/BTC ratio revisits its historical peak, Ethereum's price could approach $12,000, reiterating his earlier calls that 2025 would likely see a "down then up" pattern and that Bitcoin may still set a new all-time high.