Ethereum on Track for a New 'Supercycle', Says Tom Lee

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Ethereum on Track for a New 'Supercycle', Says Analyst Tom Lee

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 17, 2025

Key Takeaways

Tom Lee stated that Ethereum could follow Bitcoin’s long-term growth path and called it the start of a new "supercycle";
Despite recent drops in both Bitcoin and Ethereum, Lee says market swings are normal parts of major upward trends;
Analyst Burak Kesmeci notes strong ETH accumulation, with long-term holders buying near the $3,150 price level.

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Ethereum on Track for a New 'Supercycle', Says Analyst Tom Lee

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Ethereum ETH $3,089.74 may be entering a growth phase similar to the one Bitcoin BTC $90,493.32 experienced years ago, according to Tom Lee, the executive chair of BitMine.

In a November 16 post on X, Lee compared the current state of Ethereum to Bitcoin’s early years, when he first encouraged his research clients at Fundstrat to buy the cryptocurrency.

Lee explained that his first Bitcoin recommendation came in 2017, when it traded near $1,000. Since then, Bitcoin’s price has gone through several major drops of up to 75%.

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Lee said he sees Ethereum beginning a similar long-term rise and calls it the start of another "supercycle".

Both Bitcoin and Ethereum have fallen from their recent highs, Bitcoin by about 25% and Ethereum by more than 35%. Lee said this kind of volatility often reflects short-term uncertainty rather than weakness.

He described these swings as part of the natural process investors must handle if they want to benefit from large future gains. He said:

To have gained from that 100x supercycle, one had to stomach existential moments to HODL.

Burak Kesmeci, a contributor to CryptoQuant, noted that Ethereum, priced around $3,150, is only about $200 above the average cost of investors who have been holding over time. He called these investors "those who have been patiently stacking".

Recently, Federico Carrone has expressed concern about the extent of private companies' influence over Ethereum’s development. What did he say? Read the full story.