Tom Lee blames oil prices for ETH’s plunge, saying ETH is being crushed by crude oil. Tom Lee’s latest comment: ETH’s sharp decline is due to oil prices—the two exhibit a clear negative correlation, with ETH falling as oil prices rise. In other words, ETH’s weakness isn’t a fundamental issue—it’s due to macro liquidity being siphoned away by rising oil prices. When energy inflation re-emerges, risk assets take the first hit, and ETH, as a high-beta asset, suffers the most. For holders, watching oil prices matters more than watching ETH. As long as the Middle East remains unstable and crude oil doesn’t reverse course, any ETH rebound will be unsupported. If you’re considering buying the dip in ETH, first check whether oil prices have eased.