Just caught wind of something interesting - Tom Lee is making a pretty bold call that Ethereum has already bottomed out. Not "close to bottoming," but actually there already.

The Fundstrat guy is leaning on three main things to back this up. First, he's pulling out historical pattern analysis using Tom DeMark indicators. His argument is that ETH's recent price structure shows a 93% correlation with how the S&P 500 recovered after major crashes like 1987's Black Monday and the 2011 debt ceiling crisis. Depending on which analogue you follow, he's saying the bottom either happened around March 7 or is happening right now. Either way, the message is the same - the worst drawdown is probably behind us.

Second signal is on-chain capitulation. ETH's realized price sits around $2,241, and right now the token is trading roughly 22% below that level. That discount is pretty close to where we've seen previous turning points - there was a 21% gap at the 2025 local bottom. When investors are this underwater, historically that's marked the final stage of a bear cycle. The pain is reaching exhaustion.

Then things get spicy with the upside case. Lee isn't just calling a bottom, he's basically saying the door opens for a massive repricing. He points out that Ethereum has returned about 49,000% over the past decade compared to Bitcoin's 11,000% and Nvidia's 6,500%. If Bitcoin eventually hits $250,000, he sees ETH potentially trading between $12,000 and $22,000 if it recaptures its 2021 ratio. In a more bullish payments-infrastructure scenario, he's throwing out a $62,000 target.

Now, worth noting - Tom Lee made a premature bottom call earlier near $2,500, so there's some credibility risk here. But the on-chain stress signals combined with historical precedent do paint an interesting picture. Current ETH price is hovering around $2.31K, so we're in that tight range where these turning points typically matter. Definitely something worth monitoring if you're thinking about positioning.