Ethereum Hits 7-Month High, Marks First Close Above $2,750 Since Late January

• Tom Lee said crypto's August rally helped set the stage for September stock gains.

• Lee anticipates the S&P 500 will surge above 8,000 by the end of the month, saying investors remain underexposed after recent de-risking.

• According to Lee, crypto rallies usually take a lead over S&P 500 by a month.

Ethereum (ETH) hit a seven-month high on Tuesday, marking its first close above $2,750 since January 29.

On Monday, Fundstrat's Tom Lee noted that the crypto rally in August helped drive the stock market's September gains.

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Lee said crypto moves typically lead the S&P 500 (SPX) by about a month.

Ethereum's price traded around $2,758 and was up over 1% over the past 24 hours. ETH traded significantly above this range for most of January, hitting above $3,307 on Jan. 17, but then dropped sharply into February.

On Stocktwits, the retail sentiment around ETH remained in the 'bullish' zone, while chatter around it stayed at 'normal' levels over the past day.

Lee, who is also Chairman of Bitmine Immersion Technologies (BMNR), pointed to that pattern as one reason he's sticking with a bullish call on stocks for the rest of September.