Wall Street veteran Tom Lee has made another bold statement—he believes Ethereum could reach $20,000 to $50,000 in this cycle.

As the co-founder of Fundstrat, he’s not just making empty claims. Looking back at his track record: in 2018, when Bitcoin crashed to $6,000 and panic was widespread, he used a miner cost model to call the bottom, which was later fully validated by the market. At the end of 2022, when everyone was calling for a bottomless bear market, he firmly remained bullish on US stocks for 2023, and his S&P 500 target was nearly spot-on. His ability to go against the crowd during extreme pessimism and consistently get the timing right is definitely noteworthy.

This time, he’s betting on Ethereum, with three considerations behind his call:

**Technical Factors**—The Fusaka upgrade is scheduled for December 3, and it’s set to significantly improve network processing capability, which is a real boost to the ecosystem’s appeal.

**Macroeconomic Factors**—The Fed’s policy shift in December is changing market liquidity expectations, benefiting risk assets across the board, with the crypto market typically being more sensitive.

**Capital Flows**—Last week, BitMine, where he serves as chairman, directly purchased 96,798 ETH, with weekly purchases surging 39% compared to the previous week. The company now holds over 3.72 million ETH, and when you include other crypto assets and cash, their total assets are around $12.1 billion. More importantly, he’s publicly stated that they’ll continue to increase their buying, and he’s particularly bullish on December’s performance.

Using models for judgment, backing it up with history, and putting real money on the line—Tom Lee’s combination punch is clearly heating up market sentiment. It’s rare to see a window where upgrade expectations, macro environment, and institutional capital all align.

Of course, the $20,000 to $50,000 target range is quite broad, and there are plenty of variables in between. But at least for now, with the current catalysts, ETH definitely has a compelling story. Will the market once again validate his judgment? Time will tell.