BMNR Stock Eyes a Fragile Week After ETH’s 9% Weekend Hit — What’s Next for Price?
BMNR stock faces potential pressure this week following Ethereum's 9% weekend drop, despite its prior weekly gain.Summary
BitMine (BMNR) stock, which gained 27.78% last week, is expected to face pressure as Ethereum (ETH) dropped over 9% over the weekend, continuing a historical pattern where BMNR reacts to ETH's weekend movements. Technical indicators support this bearish outlook; the daily chart shows a hidden bearish divergence between the price forming a lower high and the Relative Strength Index (RSI) forming a higher high, suggesting a potential pullback.
Chaikin Money Flow (CMF) shows that large buyers are not fully exiting, which might limit any downside, but CMF remains below zero and below a descending trend line, indicating insufficient strength for immediate continuation. The key support level for BMNR is $30.66; a daily close below this could lead to a drop toward $25.11 or even $19.95 if ETH weakens further. Resistance is set at $35.26, a break above which could signal a return to bullish control toward $43.75 and $54.49, though this is deemed unlikely currently.
(Source：BeInCrypto)