The post BMNR stock at risk as Ethereum price forms an alarming appeared on BitcoinEthereumNews.com. The BNMR stock price retreated for the third consecutive dayThe post BMNR stock at risk as Ethereum price forms an alarming appeared on BitcoinEthereumNews.com. The BNMR stock price retreated for the third consecutive day

BMNR stock at risk as Ethereum price forms an alarming

The BNMR stock price retreated for the third consecutive day and could be at risk of further downside, as Ethereum has formed a risky bearish flag pattern on the daily chart.

Summary

  • The BMNT stock price could be at risk of a strong bearish breakout. 
  • It has formed a symmetrical triangle pattern on the daily chart.
  • Ethereum has formed a bearish flag pattern, pointing to more downside.

BitMine Immersion, the company chaired by Tom Lee, dropped to $31.12, its lowest level since Dec. 2. It has dropped by ~80% from its highest point this year, bringing its valuation to $13 billion.

The stock dropped further as the company continued its Ethereum (ETH) accumulation strategy. The company reported that its Ethereum holdings increased to 3.97 million, and its total assets rose to $13.2 billion. It bought 102,259 coins last week, a trend the management plans to continue.

BitMine has now become the second-biggest crypto treasury company in the industry after Michael Saylor’s Strategy. Its plan is to benefit from the potential Ethereum price rebound in the long term. Additionally, it plans to launch its MAVAN staking solution in 2026, a move that will enable it to generate millions of dollars in annual revenue.

Still, the BMNR stock price faces a major risk in that the Ethereum price has formed a bearish flag pattern on the daily chart. This pattern often leads to more downside.

Furthermore, the stock has remained below all moving averages and the Supertrend indicator, suggesting that a major bearish breakdown may occur in the coming weeks, potentially from the current $2,940 to $2,500.

ETH price chart | Source: crypto.news

In the long term, however, the Ethereum price will likely rebound and move to a record high, helped by its fundamentals, including its growing market share in key industries such as decentralized finance (DeFi), Real-World Asset tokenization, and non-fungible tokens, or NFTs.

BMNR stock price technical analysis

BitMine stock price chart | Source: crypto.news

The daily chart shows that the BitMine stock price has crashed in the past few months. It has plunged from a high of $160 in July to the current $30.5. 

The stock has moved below the upper side of the symmetrical triangle pattern. This triangle is approaching its confluence level, indicating that a bearish breakout may occur soon. 

BMNR stock has formed a mini death cross pattern. The 100-day and 50-day moving averages have made a bearish crossover. Therefore, the stock will likely continue falling as sellers target the key support level at $20. 

Source: https://crypto.news/bmnr-stock-risk-ethereum-price-forms-alarming-pattern/

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