Mark Newton expects Ethereum to complete its pullback soon and rally beyond $5,000 toward new all-time highs around $5,500.
The recent crypto market crash, triggered by U.S. tariffs on China, pushed ETH below its key support zone near $4,200.
Despite losses, BitMine remains bullish on Ethereum, moving over $300 million worth of ETH from Kraken in a show of confidence.
Fundstrat’s Head of Technical Strategy, Mark Newton, has reiterated his bullish stance on Ethereum despite the recent crypto market downturn. Newton expects the leading altcoin to stage a recovery and surpass $5,000, targeting new all-time highs near $5,500 in the coming days.
According to an analysis shared by Fundstrat co-founder Tom Lee, Newton believes Ethereum’s decline is nearing completion. He stated that the pullback, which followed a strong rally between September 25 and October 7, is likely to end within a short period. Newton forecasts that Ethereum could bottom out over the next one to two days before resuming its upward trajectory.
Recent Market Crash and Key Support Levels
Ethereum’s correction came amid a broader market sell-off triggered by U.S. President Donald Trump’s announcement of a 100% tariff on China. The news caused panic among investors and drove Ethereum’s price to a low of around $3,400. Previously, Newton had projected that Ethereum would find support between $4,200 and $4,220. However, the sharp downturn pushed prices below those levels. Despite this setback, Newton maintains that the technical structure remains intact and that a significant rally is forthcoming.
Tom Lee, who also serves as Chairman of BitMine, commented that the recent market decline was overdue. He noted that both equity and crypto markets had rallied significantly since the April lows that followed earlier tariff concerns. Ethereum, in particular, gained over 100% during that period, reaching a record high before the correction.
BitMine’s Confidence in Ethereum Remains Strong
Despite reporting a floating loss of roughly $1.9 billion on its Ethereum holdings, BitMine appears committed to maintaining and even expanding its position. Onchain analytics firm Onchain Lens reported that three wallets likely associated with BitMine recently withdrew 78,824 ETH, valued at about $302 million, from crypto exchange Kraken. This move highlights the company’s continued confidence in Ethereum’s long-term prospects. BitMine remains the largest publicly known Ethereum holder, with control of more than two percent of the total supply.
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