Ethereum price rises 29% as Tom Lee says rotation has begun

Ethereum traded near $2,463 on Aug. 24 after gaining 29.3% over seven days, outperforming Bitcoin’s 21.4% weekly advance as Fundstrat co-founder Tom Lee said the long-awaited Ethereum rotation had begun. Summary Ethereum gained 29.3% across seven days, outperforming Bitcoin’s 21.4% advance during the same period measured. Tom Lee said Ethereum’s rotation has begun, forecasting $10,000 within the next two years potentially. U.S. spot Ethereum ETFs attracted $365 million during July, exceeding Bitcoin funds’ $205 million total. BitMine reported holding 5.82 million ETH, representing approximately 4.8% of Ethereum’s circulating token supply currently. Lee’s $10,000 target remains a forecast and is not supported by any guaranteed market outcome. The market data does not support reports that ETH gained more than 32% within 24 hours. Ethereum was up approximately 2.1% over the latest day, according to current price data. Its larger gain occurred across the full week. Lee argued in an Aug. 24 Fundstrat post that the conditions supporting an ETH rotation had developed over almost a decade. He expects tokenization, stablecoins and artificial intelligence applications to strengthen Ethereum’...