Ethereum (ETH) held above $2,400 on Saturday after BitMine Immersion Technologies (BMNR) chairman Tom Lee said the token should top $5,000 by year-end, half the level he called a “conservative target” more than a week ago.

Speaking at Token 2049 in Singapore on Friday, Lee, who is also co-founder and head of research at Fundstrat, tied the call to Bitcoin (BTC). If Bitcoin climbs to $100,000, he said, Ethereum should trade around $7,500. That was a step down from what he called FLOP Labs’ CEO Arthur Hayes’ $10,000 year-end prediction for Ethereum “conservative,” last month.

Then, with Ethereum near $2,670, he said the token would see “much higher prices than 10,000” within 12 months. To support his point, Lee said,…