Tom Lee’s Relentless ETH Buying Puts BMNR Stock on a Possible 55% Breakout Path
BMNR stock shows potential for a 55% breakout, driven by Tom Lee's significant ETH accumulation and increasing correlation with Ethereum.Summary
BMNR stock is gaining momentum, rising over 5% in 24 hours, coinciding with BitMine Chairman Tom Lee reportedly buying another $150 million in Ethereum (ETH). BMNR's correlation with ETH has increased to 0.50, suggesting it acts as a leveraged proxy for ETH cycles, especially following the recent Fusaka upgrade.
Technical indicators suggest underlying strength: the Chaikin Money Flow (CMF) shows a bullish divergence (higher high on CMF while price made a lower high), indicating accumulation by large wallets. Similarly, On-Balance Volume (OBV) is climbing despite price lagging, signaling hidden accumulation.
On the 4-hour chart, an inverse head and shoulders pattern is forming. A decisive break above the $33.99 zone could activate this pattern, targeting a potential 55% rally to $52.70, with $24.31 serving as the invalidation level.
(Source：BeInCrypto)