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The price of BMNR started to rise again. That’s more than 5% in the last 24 hours and almost 10% in the last five days, surpassing Ethereum’s weekly gain of 8%. This increase comes with reports that BitMine CEO Tom Lee purchased $150 million worth of ETH from exchanges.
With Ethereum strengthening after the Fusaka update and BMNR monitoring the ETH price closer, traders are now asking if this move in the cryptocurrency could lead to a bigger crash in the share price.
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The increase in ETH activity and the increasing correlation give the BMNR a strong boost
Arkham News identified two new wallets that withdrew $92 million in ETH from Kraken and another $58 million from BitGo, Similar to previous BitMine purchases. Tom Lee has always positioned BitMine as a treasury company focused on ETH, and this aggressive purchase shows that this strategy has not wavered at all.
The correlation of BMNR with Ethereum is also increasing. The stock’s correlation with ETH increased from 0.47 to 0.50, which means that BMNR reacts more directly to Ethereum’s movements. If ETH continues to rise after the Fusaka update, it will probably follow BMNR – and when Tom Lee buys in the same period, the effect becomes even stronger.
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Together, the accumulation of LEE and the growing BMNR correlation create an environment in which the stock becomes a mirror image of Ethereum, driven by…ETH cycles and treasury placement.
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Two main differences point to the strength building beneath the surface
The daily charts show the first signs of accumulation.
Money flow – mostly from large portfolios captured by the Chaikin Money Flow (CMF) indicator – started to increase even as BMNR prices rebounded.
Between November 28 and December 3, the stock made a lower high, but the CMF index made a higher high. This indicates a clear bullish divergence. This often indicates that larger bags buy pullbacks more aggressively than individual participants. The CMF indicator needs to cross above the zero line to confirm a complete change in momentum. However, the underlying demand is growing.
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Size tells the same story.
The balance volume (OBV) indicator was rising while the BMNR price lagged, suggesting a build-up hidden beneath the surface.
The OBV now needs to break above its downtrend line to confirm the trend. When this happens, the alignment of volume strength with money flow strength becomes a classic pre-breakout structure.
These contrasts show that the strongest buyers in BMNR emerge first to build a foundation that often appears before major technical upheavals.
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An upside target of 55% could shape the BMNR price path
The 4-hour price chart of BMNR has a clear structure: an inverse head and shoulders pattern is developing. The neckline is sloping, indicating that sellers still have some leverage and that a breakout will require strong volume confirmation. This is where OBV penetration is even more essential.
BMNR is currently trading Close to $33.59. A decisive move above the $33.99 area will activate the entire pattern. Based on the measured move, the upside target is near $52.70, representing a potential upside of 55% if the breakout is complete.
On the upside, $24.31 remains a major invalidation zone.
With Tom Lee supposedly buying $150 million in ETH, ETH gaining momentum after Fusaka, bullish divergences appearing on the daily chart, and a large reversal pattern emerging in the 4 hour mark, BMNR price is entering a rare moment where fundamentals and technicals align.
