He argued that earlier periods of Ethereum outperformance were powered by initial coin offerings in 2017 and 2018, NFTs in 2020 and 2021, and stablecoins in 2025.
The next leg, he believes, could come from Wall Street tokenization and AI agents using blockchains.
In a July video clip, he predicted Ethereum would return above $5,000 before the end of 2026, alongside a six-figure Bitcoin price.
From roughly $1,900, ETH would need to gain about 163% to reach that level.
Ash Crypto Says 2 Historic Rally Signals Have Returned
Meanwhile, Ash Crypto's case starts outside the crypto market.
"History shows the same two signals before every major crypto rally," the analyst wrote on X.
The famed commentator pointed to breakouts in the Russell 2000 and an ISM Manufacturing PMI reading above 55.
In 2016, the small-cap index escaped a broad range before ETH advanced from around $10 to almost $1,400 over the following cycle.
The pattern appeared again after the Russell 2000's 2020 breakout, with Ethereum eventually rallying from its pandemic-era low near $88 to a record around $4,800 in November 2021.
The Russell 2000 has now returned to record territory above 3,050.
Previous breakouts in 2016 and 2020 preceded major ETH moves by roughly six to 12 months.
Meanwhile, the Institute for Supply Management reported that its Manufacturing PMI rose to 55.6 in July, up from 53.3 in June and its highest reading since May 2022.
Any figure above 50 denotes expanding factory activity. A rising PMI usually points to economic expansion.
"History is telling us to pay attention," Ash Crypto wrote.
Tom Lee Sees Bitcoin Back Above $100,000
Lee's latest near-term Bitcoin target is less extreme than his Ethereum call.
He expects Bitcoin to trade above $100,000 by the end of 2026.
In the July clip, Lee said: "I think Bitcoin's been down three quarters in a row. But I think it's never been down four quarters in a row."
He warned that another negative quarter would suggest that "something's broken" in the established crypto cycle.
Lee also argued that Bitcoin's mining production cost offers a fundamental reference point, with a sustained price far below miners' costs posing a threat to network economics.
At around $64,200, Bitcoin would currently need to rise approximately 56% to hit $100,000.
That is still a substantial move, but it is far less demanding than the 163% gain required for ETH to reach $5,000.
Can Ethereum Reach $5,000 and Bitcoin Hit $100,000 in 2026?
Both targets are possible, but they are not equally likely.
Lee's $5,000 Ethereum target sits near the middle of a wide institutional range.
An April CoinGecko forecast roundup put Citi's 12-month base case at $3,175 and its bull case at $4,488.
Meanwhile, Standard Chartered targeted $7,500 by the end of 2026, while a reported internal Fundstrat outlook placed ETH near $4,500 at year-end.
Bitcoin forecasts are also dispersed.
Citi's prediction put Bitcoin at $82,000 over 12 months, while Bernstein put its price at $150,000.
For this to occur, several things would need to happen at once.
Ethereum and Bitcoin would need to hold their technical breakouts, the ETH/BTC ratio would continue to rise, and financial conditions would need to ease.
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