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Ethereum's bearish technical pattern — ETH has formed a bearish flag on the daily chart, which typically signals further price declines.
BMNR stock performance and patterns — BMNR shares have fallen for three straight days, dropping to about $31 (down ~80% from its yearly high), with a market valuation around $13 billion.
BitMine operates as a major corporate Ethereum treasury holder, recently increasing its holdings to 3.97 million ETH (over 3.2% of total supply, valued in the billions). The company continues aggressively accumulating ETH...
I see near-term risks to BMNR coming from ETH's weakness but note the long-term bullish potential for Ethereum due to fundamentals like growth in DeFi, real-world asset tokenization, and NFTs, which could eventually support a rebound and benefit BMNR's strategy.
They look like they could endure, couldn't they?