eth price: $3000 test this week and what that REALLY means

Alright, let's get this straight. Tom Lee is still out there peddling hopium, huh? Last I checked, the guy was predicting Bitcoin to hit, what, a million dollars by now? And now he's on CNBC talking about Ethereum "fundamentals" while the damn thing is tanking? Give me a break.

BitMine, the company he chairs, just threw another $294 million into ETH, and their stock is still getting hammered. Down 8% in a day, 25% in a month? That's not a "consolidation," Tom, that's a freefall. You can read more about BitMine's recent investment in this Decrypt article: BitMine Adds $294 Million in Ethereum as Tom Lee Makes Bullish Bitcoin, ETH Price Projections.

The "Fundamentals" Farce

Lee's claiming "stablecoin volume has been exploding" and "application revenues are at all-time highs." Okay, maybe. But so what? Does that magically make the price go up? Because last I checked, the price is doing the opposite of exploding. More like imploding.

And this whole "miniature rupture" from the $19 billion liquidation event? Seriously? That's his explanation for why everything's going to be fine? Sounds like someone desperately trying to spin a disaster into a "reset point."

Meanwhile, back in reality, Ethereum is struggling to stay above $3,500. Institutional investors are pulling out of ETH ETFs faster than I pull the plug on a conference call. BlackRock losing $82 million? Fidelity another $25 mil? That ain't exactly a vote of confidence.

Retail investors? They're running for the hills too. Open Interest is plummeting. Funding rates are suppressed. It's like watching a slow-motion train wreck.

Technicals Don't Lie (Usually)

The charts are screaming "sell." MACD is bearish. RSI is heading straight for oversold territory. If it breaks $3,500, we're looking at a potential drop to $3,350. Maybe.

Offcourse, some dip-buying bulls might show up, but honestly...do you really want to bet your hard-earned cash on that?

And here's the kicker: BitMine now holds over 2.8% of the entire ETH supply. That's a massive chunk. But they bought it at an average price of $3,909. Meaning they're currently sitting on a giant, multi-billion dollar loss. So, yeah, real smart investment there, Tom.

I mean, who am I to question Tom Lee? He's a financial guru, a CNBC talking head, a crypto visionary...or something. But let's be real: sometimes even the "experts" are just full of it.

The Great Bitcoin Delusion

And let's not forget his Bitcoin prediction: $150,000 or even $200,000 by the end of the year? With what catalyst? More hopium? More "miniature ruptures"?

Look, I get it. Everyone wants to believe in the crypto dream. But at some point, you gotta wake up and smell the coffee...or, in this case, the burning wreckage of your portfolio.

So, What's the Real Story?

Tom Lee can spin all he wants, but the numbers don't lie. Ethereum is in a tough spot, and his "fundamentals" argument just doesn't hold water. Maybe he's right, and we'll see a massive rally before the end of the year. But I'm not holding my breath.