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Shares of Bitmain (BMNR) closed last Friday up 4.35%, pushing last week’s rally to 27.78%. But this rally happened before a sudden weekend pullback in Ethereum. Since November 28, Ethereum has fallen by more than 9%, creating a situation where BMNR could face pressure this week.
The stock typically reacts to Ethereum’s movements over the weekend, and this correlation could shape how BMNR trades in the coming days.
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The pressure led by Ethereum is increasing in the charts
BMNR has a history of reacting to Ethereum trends over the weekend.
A clear example happened between September 19 and September 22, when Ethereum fell by about 12% over the weekend. BMNR opened the next session with a downside gap of about 4.84%.
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This is similar to the current situation, with Ethereum more than 9% this week. This creates the conditions for a weak start to the new week. This creates the conditions for a possible downward gap open and increased volatility.
This idea received support from BMNR Daily Chart.
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Between November 12 and November 28, the price formed a lower high, while the Relative Strength Index (RSI) formed a higher high. The Relative Strength Index measures momentum on a scale of 0-100. This hidden divergence is a hidden bearish divergence and often appears before pullbacks.
As Ethereum declines over the weekend, the odds increase for BMNR to weaken at the start of the week. BMNR weak at the beginning of the week.
Now let’s examine the cash flow. The Chain Cash Flow (CMF) indicator tracks whether large buyers or sellers are in control.
Between November 14 and November 28, the BMNR achieved a lower peak while the CMF achieved a higher peak. This slight relief indicates that the big buyers are not completely out. This may limit the pullback if the bearish gap theory is correct.
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But CMF is still trading below the downtrend line that connects the recent lows, and is still below zero.
This means that there is strength developing, but not enough to dominate the first part of the week. It supports the idea of ​​a quiet opening instead of a continuation of last week.
Key levels of BMNR share prices for next week
Even if the share price of BMNR opens weak, the structure has not collapsed completely, unless a critical support level collapses.
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$30.66 is the most important support. A daily close below this level could push BMNR towards $25.11 in the short term. If Ethereum continues to weaken, a deeper decline towards $19.95 becomes possible.
For the upward movement: $35.26 is the first major resistance. A daily close above this level indicates that buyers are taking back control. If this happens, BMNR can extend A rebound towards $43.75 and even $54.49, but this possibility seems unlikely as ETH remains under pressure.
Currently, the stock ended last week on a strong note, but the 9% decrease of Ethereum at the end of the week adds weight to the fragile trend.
BMNR stock still has long-term potential, but the next few sessions largely depend on whether it can stay above $30.66 while the broader cryptocurrency market, particularly ETH, looks for stability.
