The stocks of BitMine (BMNR) closed last Friday with a rise of 4.35%, raising the weekly gain to 27.78%. However, this appreciation occurred before a sharp correction over the weekend in Ethereum. Since November 28, ETH has fallen more than 9%, creating a scenario where BMNR may face pressure this week.
The behavior of the stocks generally follows the weekend movements of Ethereum, and this link can influence the trading of BMNR in the coming days.
Ethereum-led pressure rises on the charts
BMNR has a history of reacting to the direction of ETH on weekends.
A clear example occurred between September 19 and 22, when ETH fell nearly 12% during the weekend. BMNR opened the following session down about 4.84%.
Now, a similar scenario exists, with Ethereum falling more than 9% this weekend. This creates conditions for a weak start to the week, with potential for a downward opening and increased volatility.
This idea is supported by the daily chart of BMNR.
Between November 12 and 28, the price formed a lower high, while the Relative Strength Index (RSI) formed a higher high. The RSI measures momentum on a scale from 0 to 100. This discrepancy is a hidden bearish divergence and usually appears before pullbacks.
Along with the drop in ETH over the weekend, this increases the chances of weakness at the start of the week for BMNR.
Now, let's analyze the money flow. CMF, or Chaikin Money Flow, monitors whether large buyers or sellers are in control.
Between November 14 and 28, BMNR made a lower high while CMF made a higher high. This small divergence suggests that large buyers are still not completely retreating. This could limit the decline if the theory of a downward opening is confirmed.
However, the CMF is still well below the descending trend line that connects recent lower highs and is still below zero.
This means that strength is developing, but not enough to dominate the start of the week. It supports the idea of a soft opening rather than a continuation from last week.
Key price levels for BMNR stocks for the next week
Even if BMNR's stock price opens lower, the structure will not be completely broken unless a critical support level is breached.
$30.66 is the most important support. A daily close below this level could push BMNR towards $25.11 in the short term. If Ethereum continues to weaken, a deeper drop towards $19.95 becomes possible.
For upside: $35.26 is the first major resistance. A daily close above this level indicates that buyers are regaining control. If this happens, BMNR could extend the recovery towards $43.75 and even $54.49, but this outcome seems unlikely while ETH is under pressure.
Currently, the stocks ended the last week strong, but Ethereum's 9% drop over the weekend adds weight to the fragile trend.
BMNR stocks still have long-term potential, but the next sessions heavily depend on whether it can stay above $30.66 while the wider crypto market, especially ETH, seeks stability.
The article BMNR stocks plummet after ETH falls 9% over the weekend was first seen on BeInCrypto Brazil.
