BMNR stock is up 4.3% today, even as it remains down more than 21% over the past five days, mostly following Ethereum’s 12% slide this week. With Q4 earnings set for November 21, early strength in the BMNR price has raised the question of whether the stock is positioning itself ahead of the market, again.
The last time this happened, BMNR moved much earlier than Ethereum. With bottoming signs flashing across crypto, traders are watching to see if history is lining up once more.
BMNR Has Front-Run Ethereum Before — And Conditions Look Similar
Between June 26 and July 3, Ethereum moved only 10%. In that same period, BitMine (BMNR) surged 3,993% from $3.91 to $160.10. It is worth noting that the Q3 results came out on July 2.
BitMine Historical Chart: TradingView
Only after BMNR’s explosion did Ethereum begin its real run, rallying more than 100% from early July to late August. BMNR had clearly priced in the move earlier, showing a pattern of reacting to expectations rather than the move itself.
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BMNR-ETH Moves In Parallel: TradingView
Now, with several bottoming signals forming across Bitcoin and Ethereum, traders are asking whether BMNR is again sensing a shift under the surface. The stock is stabilizing right before earnings — the same timing as its July behavior — while the broader crypto market is trying to form a base.
This brings us to what BMNR’s own indicators are signaling.
Divergence Still Supports the Uptrend, but Volume Must Confirm the Breakout
RSI (Relative Strength Index) measures price momentum. Between June 27 and November 17, BMNR made a higher low, while RSI made a lower low. That is hidden bullish divergence, which appears in assets that remain in long-term uptrends even during strong pullbacks.
Hidden Bullish Divergence Flashing: TradingView
RSI has also bounced from oversold conditions, giving BMNR a steadier base ahead of the earnings call.
But the real confirmation still rests with On-Balance Volume (OBV). OBV adds volume on up days and subtracts volume on down days to show who controls the market.
Here is what matters now:
OBV remains below a descending trend line, which has capped every attempt at recovery.
OBV is now curling upward as the result date approaches.
A break above this OBV trend line is the technical trigger that usually leads to large moves in BMNR.
There is also a long-term OBV divergence on the chart.
From September 5 to November 17, the BMNR price made a lower low, but the OBV made a higher low. This is often a sign that seller pressure is fading in the background, even if the price hasn’t reacted yet.
Volume Confirmation Needed: TradingView
If OBV breaks out, BMNR’s correlation with Ethereum strengthens — as it did before the July rally.
Key BMNR Price Levels To Track Now
BMNR has held $30 as major support since early August. The stock’s current stabilization shows this level is still active.
If $30 holds:
BMNR can push toward $39 first.
A break above $43 opens a path to $52-$58.
A full extension toward $65 (a gain of over 100%) becomes realistic if Ethereum picks up even a modest rebound.
BMNR Price Analysis: TradingView
One more positive signal appears on the CMF. The Chaikin Money Flow tracks inflows and outflows using price and volume. CMF has now broken above its descending trend line, which means inflows are rising again right before the result date. This does not confirm a breakout on its own, but it strengthens the case that buyers are returning at the right time.
This aligns with Donald Dean’s NAV model.
Dean uses a NAV multiple where BMNR’s value tracks ETH ownership and cash reserves.
He estimates the stock’s upside using ETH’s percentage moves. This means that if Ethereum rebounds 10%, BMNR’s fair value under Dean’s model moves well above the current range, placing the stock closer to its higher extensions. That’s close to $65, per the chart.
But the model also works in reverse.
If Ethereum drops again:
BMNR’s NAV compresses quickly.
Losing $30 would expose the stock to even $25.
BMNR Price Analysis (Downside Risk): TradingView
So the next move depends on two things: OBV breakout and Ethereum price direction. If both align near the earnings release, the BMNR price may once again outpace the crypto market.
