BitMine Immersion Technologies (BMNR) has seen a sideways price movement over the past month. However, recent developments suggest this could be a turning point for the company.
A notable purchase of over 50,900 ETH may spark renewed interest and hint at future changes in the price of BMNR and Ethereum (ETH).
BitMine’s Bold ETH Purchase: Strategic Move in March
On March 2, BitMine made a major acquisition, purchasing 50,9928 ETH, bringing its total holdings to 3.71% of the total Ethereum supply. This is just 1.29% short of the company’s goal of owning 5% of Ethereum’s supply.
Despite Ethereum’s price being in the red at the time of the purchase, Bitmine Chairman Tom Lee believes March will be a pivotal month for Ethereum and the broader crypto market.
“We understand that war headlines will make investors nervous, but we expect stock prices to rise in March, led by MAG7, software IGV, and crypto $BTC $ETH (sic),” Lee said.
CMF indicator shows potential bullish momentum
Chaikin Money Flow (CMF) is showing an increase, indicating that investor support for BMNR may be increasing. Although CMF is still below zero, the upward trend indicates that outflows are decreasing, which is a positive sign for the company. A move into positive territory by the CMF could confirm that BMNR holders are supporting the price and could further increase optimism about a possible price reversal.
The rise suggests stronger investor confidence and could be a sign of future capital inflows. If CMF enters the positive zone, it would confirm that market sentiment is shifting in favor of BMNR.
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Bullish divergence amid geopolitical challenges
The Money Flow Index (MFI) has shown a bullish divergence since the beginning of the year. While this indicator has formed lower highs, BMNR price has made lower lows, indicating a decrease in selling pressure. Despite continued geopolitical instability and increased global market volatility in 2026, MFIs suggest that BMNR is on a potential recovery trajectory.
Although external factors such as geopolitical instability are impacting BMNR’s price, the bullish divergence in MFI suggests that selling pressure is waning. This reduction in selling pressure could cause BMNR price to rebound in the near future.
Will BMNR price break away from ETH?
BMNR is currently trading at $20.40, just above the support level at $19.06. Holding this support is essential for BMNR to finally break through the $22.34 resistance. If BMNR breaks above the support at $19.06, it could move higher in the coming weeks.
Interestingly, the correlation between BMNR and Ethereum has decreased and the current correlation is 0.36. This suggests that BMNR is less likely to follow Ethereum price movements, which is a positive sign. Ethereum is in a period of consolidation, with more room for BMNR to move independently and potentially move higher.
However, there is a risk if ongoing geopolitical events cause BMNR holders to panic. Once the support at $19.06 is lost, BMNR could fall towards the next major support at $15.45. This would invalidate the current bullish outlook and require close monitoring of market conditions.
