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Bitmine’s Tom Lee says bottom may be near

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Ethereum price outlook: Bitmine's Tom Lee says bottom may be near - 1

BitMine executive Tom Lee discussed Ethereum’s price outlook at Consensus, saying past downturns have always ended in sharp, “V-shaped” recoveries.

Summary

  • BitMine executive Tom Lee says Ethereum is likely nearing a bottom, noting that ETH has recovered from every major 50%+ drawdown since 2018.
  • Lee points to a potential “undercut” near $1,890 as a technical signal that the current sell-off could be close to exhaustion.
  • Ethereum is trading near $1,900 support, with momentum indicators suggesting selling pressure is easing, though key resistance remains overhead.

Ethereum has always rebounded after major drops, says Tom Lee

Lee pointed out that Ethereum (ETH) has fallen more than 50% eight times since 2018, and in every case ETH recovered quickly after hitting a low. He suggested that the current decline is behaving similarly to prior drops and that the market may be close to a bottom.

The Bitmine exec referenced analysis from market timer Tom DeMarc, who believes a revisit to about $1,890, an “undercut” level, would signal a perfected bottom.

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“If you’ve already seen the decline, you should be thinking about opportunities here instead of selling,” Lee said, showing his confidence that ETH will rebound again.

Lee emphasized that nothing fundamental has changed about Ethereum’s long-term trajectory despite the recent drop. He believes the current decline should also find a floor soon and transition into an uptrend.

While Lee did not provide exact timing, his comments reflect a bullish long-term view rooted in historical price behavior and technical undercut levels, offering some optimism to investors navigating near-term volatility.

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Ethereum price action hovers near $1,900 support

Ethereum’s price has been trading near the $1,900–$2,000 range recently amid broader crypto volatility. At press time, ETH was trading around $1,965, fluctuating in a tight range over the past 24 hours and reflecting cautious sentiment among traders.

Ethereum price outlook: Bitmine's Tom Lee says bottom may be near - 1
Ethereum price performance | Source: Crypto. News

The daily chart shows ETH well below its 50-day simple moving average, which is currently positioned near $2,800 and acting as firm overhead resistance. This gap highlights how extended the recent sell-off has been.

The Relative Strength Index (RSI) has rebounded from deeply oversold territory. While RSI remains below the 50 mark, the recovery indicates selling momentum is slowing rather than accelerating.

Price action over recent sessions points to short-term base formation around the $1,850–$1,900 range. This zone has acted as support, with buyers stepping in to defend repeated dips. A decisive break below $1,850 would weaken the near-term structure and open the door toward the next support near $1,750.

On the upside, initial resistance sits near $2,000, a psychological level that has capped recent rebound attempts. Beyond that, stronger resistance emerges around $2,100–$2,150.

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Crypto World

Why DOGE and XRP Holders Are Excited

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4 minutes ago

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12 February 2026

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Why DOGE and XRP Holders Are Excited

As part of the strategy to turn X (formerly Twitter) into a “super app” or Everything App, a key missing piece, X Money, is beginning to take shape.

X aims to be more than a social media platform. Elon Musk wants to transform it into a personal finance game-changer. Users could handle messaging, shopping, and full personal asset management in one place.

Why Are Crypto Investors Excited About X Money?

During an xAI “All Hands” presentation in February 2026, Elon Musk revealed that X Money is already running in internal testing among X employees. A limited rollout to users is expected within the next one to two months.

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X Money has secured money transmitter licenses in more than 40 US states. It also established strategic partnerships with major payment giants such as Visa last year.

“For X Money, we actually had X Money live in closed beta within the company, and we expect in the next month or two to go to a limited external beta and then to go worldwide to all X users. And this is really intended to be the place where all the money is, the central source of all monetary transactions. So it’s really going to be a game-changer,” Elon Musk said.

Musk aims to push monthly active users past 600 million and ultimately reach 1 billion. Analysts compare this ambition to building an everything app similar to China’s WeChat.

As a result, X Money represents a major opportunity for any crypto project that accepts it as a payment method or is indirectly connected to the platform.

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However, X Money has never confirmed that crypto will be used as a payment option. Investors, meanwhile, continue to build their own narratives.

The first speculation centers on Dogecoin (DOGE). This meme coin closely aligns with Elon Musk’s personal brand. The theory stems from Musk’s past comments suggesting DOGE could be suitable for micropayments.

The second speculation involves XRP. This hypothesis is linked to Cross River Bank, a financial partner working with X to process payment flows. Since 2014, Cross River Bank has integrated Ripple’s protocol to enable real-time cross-border payments between the US and Western Europe.

Despite these narratives, DOGE and XRP prices showed no significant reaction to news of X Money’s upcoming launch.

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In the coming months, once X Money officially goes live as planned, its impact on crypto markets and the global financial system may become clearer.

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Crypto World

UK Launches Blockchain Digital Bond Pilot With HSBC Orion

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12 minutes ago

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12 February 2026

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UK Launches Blockchain Digital Bond Pilot With HSBC Orion

The United Kingdom’s government has appointed HSBC’s tokenization platform to power a pilot issuance of digital government bonds, known as “gilts,” marking the latest step in its push to modernize sovereign debt markets using blockchain technology.

His Majesty’s Treasury has appointed HSBC Orion to facilitate the Digital Gilt Instrument (DIGIT) pilot issuance, according to a Thursday announcement.

The Treasury published a DIGIT pilot update in July 2025, outlining plans to explore blockchain applications in UK sovereign debt issuance and to support the development of domestic tokenization infrastructure.

“We want to attract investment and make the UK the best place to do business,” said Lucy Rigby, UK economic secretary to the Treasury, commenting on HSBC Orion’s DIGIT appointment. She added that the pilot will help the UK explore how to capitalize on the distributed ledger technology (DLT), enhance efficiency and reduce costs for businesses.

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Key objectives and features of the DIGIT pilot

The DIGIT pilot aims to enable digitally native, short-dated government bonds operating within the Digital Securities Sandbox (DSS).

The pilot is designed to support secondary market development and broader accessibility, with onchain settlement, while operating independently of the UK government’s main debt management program.

Source: Lucy Rigby

“This is exactly the kind of financial innovation we need to keep the UK at the forefront of global capital markets and I’m looking forward to working with HSBC and other parties to deliver DIGIT,” Rigby said.

HSBC has issued $3.5 billion in digital bonds globally

Since its launch in 2023, HSBC Orion has enabled the issuance of at least $3.5 billion in digitally native bonds globally, including the European Investment Bank’s first digital sterling bond and a multi-currency $1.3 billion-equivalent bond issued by the Hong Kong government.

“The UK is a home market for us and the sixth largest economy in the world,” said Patrick George, HSBC’s global head of markets and securities services. “HSBC is delighted to be supporting the continued development of the gilt market, market innovation, and the growth of the broader UK economy,” he added.

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HSBC Orion-facilitated digital bond issuance projects. Source: HSBC

Related: Malaysia’s central bank announces stablecoin, tokenization sandbox

Alongside appointing HSBC Orion as the platform provider for DIGIT, the UK government also appointed global law firm Ashurst to provide legal services for the pilot.

“Our team brings deep expertise in digital assets transactions, and we look forward to working with HSBC and supporting the government as it takes this transformative step for UK capital markets,” Ashurst’s head of digital assets, Etay Katz, said.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026