Tom Lee: Rising oil prices are the biggest headwind for Ethereum, and ETH is expected to perform even better in 2026

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Golden Finance reports that on May 18th, Tom Lee, Chairman of the Ethereum’s largest treasury BitMine, stated that if anyone wants to know why Ethereum has been under selling pressure recently: for me, the biggest headwind is rising oil prices, and the negative correlation between ETH and oil is at an all-time high.
Over the past six weeks, while oil prices have continued to rise, ETH prices have been falling. The chart shows oil prices inverted (the higher the oil price, the greater the pressure on ETH). Therefore, when oil prices start to reverse and decline, ETH prices are expected to rebound accordingly. This is just short-term tactical noise.
The true long-term drivers of ETH are asset tokenization and agentic AI. These structural positives are already in place, so we expect ETH to perform even stronger by 2026.

ETH-3.45%
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