Tom Lee’s BitMine Stock Faces Major Risk After Latest Ethereum Buying Spree
Despite aggressive Ethereum accumulation by Tom Lee's BitMine, the stock shows structural weakness and institutional hesitation, posing major risk.Summary
Tom Lee’s BitMine stock (BMNR) is struggling, trading flat and down 30% over the past month, mirroring Ethereum's decline, despite the company significantly increasing its ETH holdings in 2026.
Technical analysis shows the stock is stuck in a bear flag pattern, suggesting further downside risk. Key metrics like trading below the Volume Weighted Average Price (VWAP) and a Chaikin Money Flow (CMF) indicator below zero indicate that institutional investors remain hesitant and are not yet returning as strong buyers.
Support is currently coming from retail investors, evidenced by rising On-Balance Volume (OBV) and a bullish divergence in the Relative Strength Index (RSI). However, this retail buying has not been strong enough to reverse the broader downtrend. Critical price levels to watch are $21.76 for resistance (breaking VWAP) and $18.60 for support; a break below $18.60 could accelerate the decline.
(Source：BeInCrypto)