BitMine’s $8B ETH Spree Faces Market Test as BMNR Stock Battles Key Support
BitMine Immersion Technologies has once again captured attention, riding Ethereum’s rally and dovish Fed signals, but its volatile price...
Quick overview
- BitMine Immersion Technologies has gained attention due to Ethereum's rally and signals of potential rate cuts from the Federal Reserve.
- The company has significantly increased its Ethereum holdings, now totaling approximately 1.7 million ETH, positioning it as the second-largest publicly listed crypto treasury.
- BitMine's stock has experienced extreme volatility, with critical support levels at risk, potentially leading to further declines if they fail.
- The company's future performance hinges on whether it can maintain support levels or if selling pressure will lead to another downturn.
BitMine Immersion Technologies has once again captured attention, riding Ethereum’s rally and dovish Fed signals, but its volatile price action is testing investor conviction.
Fed Sparks Risk-On Momentum
Investor appetite for risk surged after Federal Reserve Chair Jerome Powell suggested at Jackson Hole that rate cuts could arrive sooner than expected. Markets quickly priced in two potential cuts in 2025, sending Ethereum up $500 and lifting BitMine’s stock more than 14% in a single session. The optimism proved short-lived, however, as selling pressure soon returned.
Expanding Ethereum Treasury
BitMine capitalized on the brief rally by accelerating its Ethereum purchases. The company added roughly 190,500 ETH—valued at $900 million—bringing its total holdings to 1,713,899 tokens worth about $7.9 billion. This positions BitMine well ahead of rivals like ETHZilla, The Ether Machine, and SharpLink Gaming, making it the second-largest publicly listed crypto treasury after Michael Saylor’s strategy-driven holdings. Management reaffirmed its long-term goal of securing up to 5% of Ethereum’s total supply.
Technical Landscape: Key Support at Risk
BitMine’s stock has displayed extreme volatility this summer, climbing from under $5 in July to $161 before collapsing back to $30. A brief rebound in early August pushed the stock above $70, supported by the 50-day simple moving average (SMA), but BMNR has since slipped back below $45.
BMNR Chart Daily – The 50 SMA Is Under Attack Again
The 20-day SMA provided temporary support before being breached, leaving the 50-day SMA as the next line of defense at $45. If this level fails, downside targets point to $30 or even $20. On the upside, holding above support could spark another rally toward $70.
Outlook: BitMine remains a dominant player in Ethereum accumulation, reinforcing its role as a corporate barometer for ETH adoption. But with BMNR trading at critical levels, the next move depends on whether technical supports hold—or if sellers push the stock into another sharp downturn.
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