- BitMine stock price may stage a strong comeback this month.
- Ethereum price jumped to $2,270, up by over 30% from its lowest level this year.
- BMNR stock has formed a falling wedge pattern, pointing to more gains this week.
BitMine stock price has held steady since February this year. BMNR has remained around the key support level at $20, which is well below its all-time high of $160. Still, the stock will likely stage a strong comeback in the coming days, potentially to the key resistance level at $30.
BitMine Stock to Rebound as Ethereum Price Jumps
One of the top reasons why the BMNR stock price will rebound is that Ethereum continues its uptrend amid the ongoing crypto market rally. ETH price jumped to $2,270, its highest level since February 3. It has jumped by 30% from its lowest level this year, and this trend may continue in the coming days as investors target the next key resistance level at $2,500.
Data compiled by SoSoValue shows that spot Ethereum ETFs have added over $184 million this month, bringing the cumulative total net inflows to over $11.79 billion. As such, there are signs that investors are buying the dip after the recent one, seeing it as a safe-haven asset.
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Soaring Ethereum prices are highly bullish for BitMine stock, as it is the world’s largest holder of the coin. It has added over 208,825 ETH coins in the past 30 days, bringing its total assets to 4.534 million coins worth over $10.3 billion. It now holds about 3.757% of all ETH tokens, meaning that the company will complete its ETH purchases later this year.
The Ethereum price rally has coincided with the ongoing Bitcoin rebound. Bitcoin’s price jumped to $74,000, while its ETF inflows rose by $1.3 billion this year.
Ethereum’s fundamentals are also relatively strong. For example, data shows that Ethereum processed stablecoin transactions worth over $2 trillion in the last 30 days. It handled over 39.7 million transactions and has over $168.7 billion in stablecoin supply.
BMNR Stock Price Prediction: Technical Analysis
The daily chart shows that the BitMine share price has fallen from last year’s high of $161 to its current level of $20.
A closer look shows that the stock is attempting to move above the Supertrend indicator, a move that would confirm a bullish reversal.
The stock has broken above the upper boundary of the falling wedge pattern, which often signals a strong bullish breakout. It is also attempting to move above the 50-day Exponential Moving Average (EMA).
Therefore, the BitMine stock price will rebound, potentially reaching the initial target of $30, about 40% above the current level. On the other hand, a drop below the year-to-date low of $16.69 will invalidate the bullish outlook.
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