Korean Analyst Criticizes Ethereum Bull Tom Lee, Claims Two Altcoins Are Ahead of ETH

BitMine Chairman and Fundstrat co-founder Tom Lee described Ethereum as a “truly neutral chain,” predicting it would be the preferred choice of both Wall Street and the White House.

Lee stated that he expects a “supercycle” spanning the next 10-15 years, saying that Bitcoin could reach $200,000-$250,000 and Ethereum $10,000-$12,000 by the end of the year. According to Lee, ETH could surpass its previous highs and rise to the $12,000-$15,000 range.

However, this optimistic outlook was strongly challenged by Mechanism Capital co-founder Andrew Kang, who described Lee’s Ethereum thesis as “a combination of the weakest financial arguments” and argued that existing data does not support the claims.

According to Kang:

Stablecoin and RWA (real-world assets) growth haven't generated significant revenue for Ethereum. Transaction fees have remained nearly flat since 2020, with the majority of activity shifting to networks like Solana and Arbitrum.

The “digital oil” analogy is misleading. Kang noted that oil remains in a stable price range over the long term, so this analogy doesn’t create a bullish scenario for ETH.

There's been no concrete developments regarding institutional investors buying ETH. Major banks don't hold Ethereum on their balance sheets and have not announced any plans to do so.

Comparing ETH to the total value of financial infrastructure companies is a “completely imaginary” approach.

In terms of technical analysis, Kang said that Ethereum has been trading in a horizontal range for a long time and suggested that the price could stay in the $1,000-$4,800 range for a longer time.