Tom Lee says ETH could rebound if oil prices fall

Tom Lee, Chairman of Bitmine (BMNR) and co-founder of Fundstrat, has identified rising oil prices as the biggest short-term factor behind Ethereum's recent weakness. He stated on X that the surge in oil prices over the last six weeks has been a primary driver of ETH's price decline, noting that the inverse correlation between the two assets is at an all-time high. Lee suggested that if oil prices reverse their trend and begin to fall, ETH could experience a price recovery. He clarified, however, that this is a short-term dynamic. For the medium to long term, Lee believes growth in areas like tokenization and AI agents could fuel a rise in ETH, adding that the cryptocurrency will show stronger performance this year.