BMNR stock is up 4.3% today, despite remaining down more than 21% over the past five days, mainly following Ethereum’s 12% decline this week. Fourth-quarter results are scheduled for November 21, and the early rally in BMNR prices has once again raised questions about whether BMNR stock is in a market-leading position.
The last time this happened, BMNR moved much faster than Ethereum. With signs of bottoming flashing across cryptocurrencies, traders are waiting to see if history will be made straight again.
BMNR had Front Run Ethereum before – and the situation is similar
From June 26th to July 3rd, Ethereum moved only 10%. Over the same period, BitMine (BMNR) soared 3,993% from $3.91 to $160.10. It is worth noting that the third quarter results were announced on July 2nd.
Sponsored Sponsored
Ethereum began its first real rally after the BMNR explosion, rising more than 100% from early July to late August. BMNR has clearly been pricing in this move for some time, exhibiting a pattern that reacts to expectations rather than the move itself.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Several bottoming signals are currently forming across Bitcoin and Ethereum, leading traders to wonder if BMNR is once again sensing changes behind the scenes. While the broader crypto market is trying to establish a foundation, stock prices are stabilizing just before earnings (coinciding with the July move).
This will tell you what BMNR’s own indicators are showing.
Divergence still supports uptrend, but volume needs to confirm breakout
RSI (Relative Strength Index) measures price momentum. From June 27th to November 17th, BMNR made new lows and RSI made new lows. It is a hidden bullish divergence, which appears in assets that continue to trend up over time even during strong pullbacks.
Sponsored Sponsored
The RSI has also rebounded from oversold conditions, giving BMNR a stable base ahead of the earnings release.
However, what you actually see is still the on-balance volume (OBV). OBV adds the volume on up days and subtracts the volume on down days to show who is in control of the market.
What’s important now is:
OBV remains below the downtrend line, which limits any recovery attempts. As the results date approaches, OBV is curling upwards. A break above this OBV trendline is a technical trigger that usually leads to a big move in BMNR.
The chart also shows long-term OBV divergence.
From September 5th to November 17th, BMNR price made lower lows, while OBV made higher lows. This often indicates that seller pressure is weakening in the background, even if prices have not yet reacted.
Sponsored Sponsored
If OBV breaks out, the correlation between BMNR and Ethereum will strengthen, just like it did before the July rally.
Key BMNR Price Levels to Track Now
BMNR has been holding $30 as a key support since early August. The current stabilization of the stock price indicates that this level remains active.
If $30 is retained:
BMNR may initially push toward $39. Above $43, the path opens to $52-58. If Ethereum gets even a slight rebound, a full extension (over 100% increase) towards $65 becomes realistic.
Another positive signal appears on the CMF. Chaikin Money Flow uses price and volume to track inflows and outflows. CMF is currently breaking above the downtrend line, meaning that inflows are increasing again just before the result date. While this alone does not confirm a breakout, it does strengthen the view that buyers are coming back at the right time.
Sponsored Sponsored
This is consistent with Donald Dean’s NAV model.
Dean uses a NAV multiple where BMNR value tracks ETH ownership and cash reserves.
He uses ETH’s percentage movement to estimate stock price appreciation. This means that if Ethereum rebounds by 10%, BMNR’s fair value based on Dean’s model will be well above the current range and the stock will move closer to the higher extension. According to the chart, this is close to $65.
But this model also works in reverse.
If Ethereum drops again:
BMNR’s NAV is immediately compressed. If you lose $30, the stock could be worth another $25.
Therefore, the next move will depend on two things: the breakout of OBV and the direction of Ethereum price. If both match near the earnings release, BMNR price could once again outperform the crypto market.
