BitMine is facing heavier pressure from its Ethereum-focused portfolio. According to the source material, the company’s total investment volume had reached $15 billion as of February, but the market downturn cut that value to just $7.7 billion, a decline of 49%. With Ethereum trading near $1,950 and BitMine’s average purchase price sitting at $3,850, ETH remains at roughly half of the firm’s entry level. That leaves a large share of the holdings deep underwater.
Daily chart signals point to persistent selling pressure
Technical readings in the report add to the weak picture. Between November 18 and February 9, price action formed lower highs while the Relative Strength Index posted higher peaks. The article describes this as a hidden bearish divergence, a pattern often linked to building sell pressure. The Chaikin Money Flow indicator also failed to give strong support to a recovery case. Although CMF improved over the last 26 periods, it could not stay above the zero line. That is a thin signal. It suggests large investors have not clearly returned.
EMA structure keeps BMNR under scrutiny
Moving averages are also drawing attention. The source says the 100-day EMA is converging with the 200-day EMA, while a previous “death cross,” formed when the 50-day EMA dropped below the longer-term average, was followed by a slide of more than 44% in BMNR shares. If another bearish crossover appears, selling could intensify again. The report also places the correlation between Ethereum and BMNR close to 0.5, indicating that continued weakness in ETH may feed directly into BitMine’s stock performance.
$17 remains the level traders are watching
BMNR is hovering near a key support area around $17, which has recently acted as a floor. A break below that level could trigger faster selling, based on the source’s assessment. The next support is seen at $15, and a deeper decline could pull the stock toward roughly $11, a level identified through Fibonacci retracement analysis. If that threshold fails, the article says the stock could face an additional drop of as much as 40% from current levels.
On the upside, any stronger rebound would likely require BMNR to reclaim $21, described as a historical resistance level. The report says that move would probably depend on two developments at the same time: a recovery in Ethereum prices and renewed institutional demand. Until then, ETH remains well below BitMine’s break-even level, and the combination of weak inflows and ongoing market softness leaves short rallies vulnerable to renewed selling. The article quotes industry experts as saying that if Ethereum does not recover and institutional appetite stays weak, BitMine shares may remain under prolonged pressure.