Bitmine stock eyes a breakout as Ethereum price forms a bullish pattern
The post Bitmine stock eyes a breakout as Ethereum price forms a bullish pattern appeared on BitcoinEthereumNews.com. Bitmine stock could be on the verge of a strong bullish breakout as the Ethereum price nears a strong bullish breakout to $5,000 and beyond. Summary BitMine stock price could jump in the coming weeks. The company now holds crypto assets worth over $11 billion. Ethereum price has formed a bullish flag pattern pointing to a rebound. BitMine’s BMNR share price has moved sideways in the past few weeks as Ethereum has remained below the all-time high. Its current price of $53 is much lower than its all-time high of $160. In a statement on Monday, Sep. 29, the company said that it continued with its Ethereum (ETH) accumulation and now owns about 2.65 million in tokens. At the current price, these holdings are worth over $11 billion, much higher than its market capitalization of $9 billion. In a statement, Tom Lee, the company’s chairman, said: “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.” Ethereum price technicals point to a surge The main catalyst for the BitMine stock price is that Ethereum, its main asset, could be on the verge of a strong bullish breakout, helped by its strong technicals. The daily timeframe chart shows that the ETH price has recently pulled back from the year-to-date high of $4,950 on Aug. 24 to the current $4,170. It has remained above the 50-day moving average and has retested the important support at $4,106, the highest point in December last year. This price was along the upper side of the cup-and-handle pattern, a common bullish continuation sign. Ethereum has formed a bullish flag pattern, which…
The post Bitmine stock eyes a breakout as Ethereum price forms a bullish pattern appeared on BitcoinEthereumNews.com.
Bitmine stock could be on the verge of a strong bullish breakout as the Ethereum price nears a strong bullish breakout to $5,000 and beyond. Summary BitMine stock price could jump in the coming weeks. The company now holds crypto assets worth over $11 billion. Ethereum price has formed a bullish flag pattern pointing to a rebound. BitMine’s BMNR share price has moved sideways in the past few weeks as Ethereum has remained below the all-time high. Its current price of $53 is much lower than its all-time high of $160. In a statement on Monday, Sep. 29, the company said that it continued with its Ethereum (ETH) accumulation and now owns about 2.65 million in tokens. At the current price, these holdings are worth over $11 billion, much higher than its market capitalization of $9 billion. In a statement, Tom Lee, the company’s chairman, said: “We continue to believe Ethereum is one of the biggest macro trades over the next 10-15 years. Wall Street and AI moving onto the blockchain should lead to a greater transformation of today’s financial system. And the majority of this is taking place on Ethereum.” Ethereum price technicals point to a surge The main catalyst for the BitMine stock price is that Ethereum, its main asset, could be on the verge of a strong bullish breakout, helped by its strong technicals. The daily timeframe chart shows that the ETH price has recently pulled back from the year-to-date high of $4,950 on Aug. 24 to the current $4,170. It has remained above the 50-day moving average and has retested the important support at $4,106, the highest point in December last year. This price was along the upper side of the cup-and-handle pattern, a common bullish continuation sign. Ethereum has formed a bullish flag pattern, which…
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