Tom Lee tips lack of leverage and gold ‘vortex’ for Ether’s 21% slump

Ether has fallen despite strong fundamentals as leverage remained absent and precious metals diverted risk appetite, according to Fundstrat’s research head.

Fundstrat head of research Tom Lee argues Ether’s recent slump should be seen as “attractive” as its fundamentals remain strong, and that it has only fallen due to a lack of leverage and a flight to precious metals. 

The first quarter of 2026 is shaping up to be Ether’s (ETH) third-worst Q1 in history, with the asset down 21% so far this year, according to CoinGlass. 

However, Lee said the price drop has come at a time when network on-chain activity and fundamentals have continued to grow.

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