Key Insights
- •BitMine (BMNR) stock price dropped 10% today and 37% this month after Ethereum fell below $3,000.
- •The stock now watches the $23.32 support, which sits about 25% below current levels.
- •One RSI signal hints that selling pressure may slow, but weak money flow keeps the risk high.
BitMine (BMNR) stock has fallen again as Ethereum dropped under $3,000 for a short time. The stock is down about 10% today and has fallen 37% in the last month. This fall has also increased BitMine’s paper loss because the company holds a large amount of ETH.
Now the question is simple: can the stock find support soon, or will it drop another 25% toward the next major level?
Ethereum’s Drop Has Increased BitMine Paper Loss
BitMine (BMNR) holds about 3.55 million ETH. This is a very large amount. Its average cost for the ETH is around $4,017.
But Ethereum now trades near $3,120 after falling 3.8% in the last 24 hours and 15.8% in the past week. ETH price even dipped below $3,000 for a short time.
When the price drops this fast, the company’s paper loss grows quickly. The loss is now close to $3.19 billion.
However, this is not a real loss unless they sell, but it still makes investors nervous.
The weak price action in Ethereum has also pushed the BMNR stock price under the important $35 support.
This level held for a few days. Once it broke, the next support showed up near $23.32. If the BitMine stock falls to this point, it would be about a 25% drop from where it trades today.
BitMine Stock: Money Flow Is Weak, but One Strength Signal Appears
Money flow for the stock remains negative. The CMF indicator, which shows if money is entering or leaving an asset, is near -0.38. A negative reading means more money is leaving than entering.
CMF also broke below its trendline. This shows that selling pressure from big wallets has been rising for some time.
Even with this weakness, one small positive sign has appeared on the chart.
Between June 27 and November 17, the BitMine stock made a higher low, but the RSI made a lower low. RSI measures strength in price moves.
When price and RSI move in opposite ways like this, it can mean that selling pressure is slowing down. It does not guarantee a rebound, but it shows that buyers may be watching the current levels closely.
If selling slows near $23.32, the stock may try to bounce again. Also, this form of hidden RSI divergence hints at broader trend continuation.
And it is positive for the BitMine (BMNR) stock price, considering its nearly 900% upmove over the past six months.
The Bigger Trend Is Still Strong if Support Holds
BitMine stock has a very strong longer-term trend. It is still up more than 867% in the last six months and up 321% this year. This shows that the company has grown a lot during this cycle.
The uptrend can stay alive if the stock holds the $23.32 support and forms a clean bounce. If that happens, buyers may return slowly as Ethereum also tries to recover.
But if the BMNR stock falls under $23.32, the drop may continue before the next recovery attempt starts. This level is important because it decides whether BitMine stays in its strong trend or enters a deeper correction.
For now, the stock sits between weak money flow, rising paper loss, and one early sign of strength on the RSI. How it behaves near $23.32 will tell traders what comes next.