Ethereum Hits $1,890 as Tom Lee Calls for V-Shaped Rebound

• Tom Lee says Ethereum has posted a V-shaped recovery after all eight 50%+ declines since 2018.
• Ethereum staking wait time reaches 71 days with a record 4 million ETH in the validator queue.
• About 30.3% of the total ETH supply, or 36.7 million ETH, is currently locked in staking contracts.

Ethereum traded near the $1,890 level as Fundstrat’s Tom Lee said the asset may be approaching another V-shaped recovery.

He pointed to historical data showing repeated rebounds after steep declines and stated that the current pullback resembles prior cycles seen in 2018, 2022, and 2025.

Tom Lee Points to Eight Prior V-Shaped Recoveries

Speaking at a conference in Hong Kong, Tom Lee said Ethereum has fallen more than 50% eight times since 2018. He stated that each of those declines was followed by a V-shaped rebound. According to Lee, the asset recovered at nearly the same speed as it fell.

“A lot of people are frustrated, but keep in mind that Ethereum, since 2018, has fallen more than 50% eight times,” Lee said. He added that last year Ethereum dropped 64% between January and March. He noted that past declines were followed by full recoveries.

Lee said that “eight out of eight times, Ethereum has had a V-shaped bottom.” He argued that the current setup resembles previous cycles. He stated that investors should consider opportunities rather than focus only on recent losses.

Analysts Watch the $1,890 Price Level

Ethereum traded near the $1,890 level as analysts monitored whether the asset was forming a base. Market participants noted that the price could retest recent lows before stabilizing. The level has drawn attention due to repeated tests during the current decline.

“We think Ethereum is really close to the bottom,” Lee said. He compared the current pullback to similar periods in 2018, 2022, and April 2025. He stated that after sharp corrections, Ethereum has historically entered recovery phases.

Ether fell to $1,760 on Feb. 6 on Coinbase, according to TradingView data. That drop placed the asset near its 2025 low of just above $1,400. At the time of writing, ETH traded near $1,970 after a 37% decline over the past 30 days.

Ethereum Staking Demand Reaches Record Levels

Despite recent price weakness, Ethereum staking activity has increased. Data from ValidatorQueue shows the wait time to stake ETH has reached 71 days. Around 4 million ETH are currently in the validator entry queue.

The share of Ethereum supply staked has also reached a record level. About 30.3% of total supply, or 36.7 million ETH, is now locked in staking contracts. This limits the amount of liquid ETH available on exchanges.

Analyst Milk Road commented on the trend in a post on X. “One-third of all ETH is now illiquid, earning a modest 2.83% APR,” the post said. It added that users continue to join the queue despite the relatively low yield.

Ethereum price action and staking data remain key focus areas for market participants. Analysts continue to monitor whether the $1,890 level will hold and whether historical recovery patterns repeat.

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