Tom Lee used a Hong Kong conference stage to argue that Ethereum may be close to a cyclical turn, pointing to historical market analogs and on-chain cost-basis data that, in his view, suggest the selloff has reached exhaustion.

Speaking at the 3rd Futu Expo 2026 in Hong Kong on March 13–14, Lee said Bitmine advisor Tom DeMark had identified a striking resemblance between Ethereum’s recent price action and two major S&P 500 declines: the 1987 crash and the 2011 selloff. Lee described the setup as unusually tight.

Is The Ethereum Bottom In?

“Tom DeMark, he’s a legendary market timer, and he’s provided an analysis to us that says Ethereum, in the last few months, especially since October, is really mirroring what happened to the S&P…