Tom Lee Says Ethereum Hits $6,000 by December. It Needs Bitcoin at $150,000 First

Tom Lee has a precise formula for Ethereum hitting $6,000 by December, but it requires Bitcoin to do something it has never done in a single quarter before.

Tom Lee said Ethereum (CRYPTO:ETH) could reach $6,000 by December, but the arithmetic behind that call depends on Bitcoin nearly doubling first. Bitcoin trades near $78,600 and Ethereum near $2,490, meaning both targets sit far above where the two assets stand right now. 

Tom Lee’s target depends on Bitcoin reaching $150,000 in the same window and the Ethereum-to-Bitcoin ratio rising from about 0.03 to 0.04. Could Lee’s arithmetic check out before the end of the year, and can Bitcoin climb to $150,000 in the next four months?

Why Does Tom Lee Think Ethereum Can Reach $6,000 by December?

Speaking on the Milk Road Show, Fundstrat co-founder and BitMine Immersion Technologies chairman Tom Lee said Ethereum would trade near $6,000 if Bitcoin reaches $150,000 and the ETH/BTC ratio climbs to 0.04, up from about 0.03 today. Lee’s argument starts with the ETH/BTC ratio, the exchange rate between the two tokens rather than either one’s dollar price. 

That ratio runs near 0.03 today, down from nearly 0.08 at the 2021 cycle peak. Lee believes Ethereum has fallen far behind Bitcoin relative to where it traded during past bull markets, and he expects the ratio to recover to 0.04 by year-end, which he called a conservative estimate given how much higher it climbed in 2021.