Tom Lee, speaking at the 3rd Futu Expo 2026 in Hong Kong, suggested that Ethereum might be nearing the end of its crypto winter. Lee highlighted historical market patterns and on-chain data, noting a 93% correlation between Ethereum's recent price movements and the S&P 500's declines in 1987 and 2011. According to Lee, if these analogs hold, Ethereum has either already bottomed or is currently bottoming. Lee also referenced Ethereum's realized price, currently at $2,241, as a key metric. He pointed out that Ethereum's price is at a 22% discount to its realized price, similar to past market bottoms. Lee emphasized that Ethereum's historical performance, with a 49,000% return over the past decade, supports his view that the cryptocurrency is poised for recovery. At the time of his remarks, Ethereum was trading at $2,147.