Fundstrat’s Tom Lee says Ethereum (CRYPTO: $ETH) remains “vastly undervalued” even after its recent rebound, arguing that a stronger ETH-to-Bitcoin ratio could put the token near $6,000 if Bitcoin (CRYPTO: $BTC) eventually reaches $150,000.
Lee said Ethereum’s move from roughly $1,900 to $2,500 over the past week looked less like a short squeeze and more like a “course correction,” with crypto fundamentals improving while valuations still reflect conditions closer to a prolonged bear market.
His framework centers on the ETH/BTC ratio. Lee said a move to 0.04 would put Ethereum around $6,000 if Bitcoin reaches $150,000, while a return toward 0.08 — levels seen near the 2021 cycle highs — would imply substantially more upside.
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The argument is also tied to how Lee sees Ethereum fitting into a financial system moving further onchain. Tokenized assets are expanding across Wall Street, stablecoins are gaining wider use, and AI agents could create another source of demand for programmable payment and settlement rails.
Lee said traditional financial infrastructure was built for humans rather than software agents making instant transactions. That leaves public blockchains positioned to handle a growing share of automated financial activity, with Ethereum sitting at the center of his thesis.
The view overlaps with Lee’s role as chairman of BitMine Immersion Technologies (NYSE: $BMNR), which has built one of the largest corporate Ethereum treasuries. BitMine now holds more than $14 billion worth of ETH and is targeting ownership of 5% of the network’s total supply.
Ethereum’s rebound has already narrowed some of the gap against Bitcoin, but Lee’s $6,000 case still depends on both assets moving materially higher. Bitcoin would need to nearly double from current levels, while ETH would have to regain relative strength that has been missing for much of the current cycle.
Ethereum (CRYPTO: ETH) is trading at $2,432.38 U.S. per token, down 3.15% on the day.