Mark Newton expects Ethereum to complete its pullback soon and rally beyond $5,000 toward new all-time highs around $5,500.
The recent crypto market crash, triggered by U.S. tariffs on China, pushed ETH below its key support zone near $4,200.
Despite losses, BitMine remains bullish on Ethereum, moving over $300 million worth of ETH from Kraken in a show of confidence.
Fundstrat’s Head of Technical Strategy, Mark Newton, has reiterated his bullish stance on Ethereum despite the recent crypto market downturn. Newton expects the leading altcoin to stage a recovery and surpass $5,000, targeting new all-time highs near $5,500 in the coming days.
According to an analysis shared by Fundstrat co-founder Tom Lee, Newton believes Ethereum’s decline is nearing completion. He stated that the pullback, which followed a strong rally between September 25 and October 7, is likely to end within a short period. Newton forecasts that Ethereum could bottom out over the next one to two days before resuming its upward trajectory.
Recent Market Crash and Key Support Levels
Ethereum’s correction came amid a broader market sell-off triggered by U.S. President Donald Trump’s announcement of a 100% tariff on China. The news caused panic among investors and drove Ethereum’s price to a low of around $3,400. Previously, Newton had projected that Ethereum would find support between $4,200 and $4,220. However, the sharp downturn pushed prices below those levels. Despite this setback, Newton maintains that the technical structure remains intact and that a significant rally is forthcoming.
Tom Lee, who also serves as Chairman of BitMine, commented that the recent market decline was overdue. He noted that both equity and crypto markets had rallied significantly since the April lows that followed earlier tariff concerns. Ethereum, in particular, gained over 100% during that period, reaching a record high before the correction.
BitMine’s Confidence in Ethereum Remains Strong
Despite reporting a floating loss of roughly $1.9 billion on its Ethereum holdings, BitMine appears committed to maintaining and even expanding its position. Onchain analytics firm Onchain Lens reported that three wallets likely associated with BitMine recently withdrew 78,824 ETH, valued at about $302 million, from crypto exchange Kraken. This move highlights the company’s continued confidence in Ethereum’s long-term prospects. BitMine remains the largest publicly known Ethereum holder, with control of more than two percent of the total supply.
The post Ethereum Set for Strong Recovery to $5,500, Says Fundstrat’s Mark Newton appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
A validator income redistribution proposal was put forward by an Ethereum Foundation researcher to support the sustainable development of public goods and security funding
Ethereum Foundation researcher Devansh Mehta proposed a Validator Revenue Redistribution (VRR) plan at the EthCC conference. It would allow validators to independently redirect a portion of their staked rewards to designated smart contracts, such as public funding platforms or audit organizations. The goal of this proposal is to empower validators to participate in ecosystem governance and security building while reducing reliance on centralized donations.
GateNews10m ago
“5 Major Quantum Attack Paths” Exposed! Google Warns: $100 Billion in Assets on Ethereum at Risk
A report from Google’s Quantum AI team indicates that Ethereum faces five major quantum computer attack risks, which could affect assets worth more than $10 billion. These include exposed “naked whale” wallets, vulnerable administrator keys, and staking systems, among others. Although research has begun on defensive measures, many smart contracts still have future risks.
区块客24m ago
A whale again bought 21,000 ETH from a certain CEX, worth about $44.74 million
Gate News message, on April 1, according to data monitoring by the on-chain analytics platform Onchain Lens, a whale address once again purchased 21,000 ETH from a certain CEX, worth approximately $44.74 million. At this point, the address’s total ETH holdings have increased to 25,000 ETH, with a current market value of approximately $53.28 million.
GateNews36m ago
Ethereum Creator Vitalik Buterin Starts April Fools' Day With Major Meme Coin Cleanup - U.Today
Vitalik Buterin's recent activity involving meme coins has garnered attention amid Ethereum's market recovery. He continues to sell gifted tokens, reallocating funds toward infrastructure and charity, and advocates for privacy in transactions.
UToday46m ago
Former Ethereum Foundation board member: Ethereum’s focus has shifted from technical research to execution and aligning with market needs
At the EthCC conference, Nethermind founder Tomasz Stanczak said that Ethereum has shifted toward efficient execution and market integration, emphasizing the importance of collaboration between the protocol team and developers, and proposing three major technical directions. In addition, he revealed that he is working on a Taiko-based Rollup project to improve integration with traditional finance.
GateNews50m ago
Price predictions 3/30: SPX, DXY, BTC, ETH, BNB, XRP, SOL, DOGE, ADA, HYPE
Key points:
Bitcoin’s recovery is expected to face selling near $69,000, but if the bulls prevail, a rally to $74,508 is possible.
Most major altcoins remain below their resistance levels, indicating that the bears continue to exert pressure.
Bitcoin (BTC) rose above $68,000, but t
Cointelegraph1h ago
