BitMine Immersion Technologies Inc. (NYSE:BMNR) stock fell nearly 5% in Friday premarket trading as investors took profits after Thursday’s 14.7% surge.
The pullback also came as Ethereum (CRYPTO: ETH) fell 2.33% over the past 24 hours to $2,449.94. Meanwhile, Nasdaq futures gained 0.05%, while S&P 500 futures fell 0.23%.
On Thursday, B. Riley Securities maintained a Buy rating on BitMine and raised its price forecast to $30.
Ethereum Bet Remains In Focus
BitMine has accumulated more than $14 billion worth of Ethereum and aims to eventually own 5% of Ethereum’s total supply.
The company also authorized up to $4 billion in share repurchases. It bought back nearly 20 million shares when the stock traded below $15.
BitMine Chairman Tom Lee remains bullish on Ethereum. Speaking on the Milk Road Show on Aug. 28, Lee called Ethereum “vastly undervalued.” He described its move to $2,500 as a “course correction.”
Lee pointed to tokenization and AI agents as potential long-term growth drivers. He also said Ethereum could reach about $6,000 if Bitcoin (CRYPTO: BTC) climbs to $150,000 and the ETH-to-BTC ratio returns to 0.04.
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BitMine Technical Analysis
Despite Friday’s decline, BitMine remains above its major moving averages. The stock trades 16.5% above its 20-day simple moving average of $21.62 and 12.7% above its 200-day SMA of $22.35.
It also remains above its 50-day and 100-day averages. In addition, the MACD sits above its signal line, while the histogram remains positive. Both indicators suggest bullish momentum.
However, the 50-day SMA remains below the 200-day SMA following a January death cross. That could keep longer-term traders cautious.
Traders may watch $27 as potential resistance and $20 as a key support level.
Benzinga Edge Rankings
Benzinga Edge gives BitMine a Momentum score of 70.79, indicating relatively strong price momentum.
BMNR Price Action: BitMine shares fell 4.88% to $25.16 in Friday premarket trading, according to Benzinga Pro.
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