BMNR (BitMine Immersion Technologies) Follows a Very Bullish Technical Price Path We Discussed Last Week

by Mike Paulenoff

August 10, 2025 • 5:27 PM EDT

On the morning of August 6th, I posted the chart below after seeing Fundstrat's Tom Lee discuss his CEO position in BMNR (BitMine Immersion Technologies), and the fact that BMNR was accumulating a large cache of Ethereum (ETH) that will serve as an ETH Treasury holding similar to the Bitcoin model used by Microstrategy's Michael Saylor. At the time, BNMR had climbed from 31.85 to 33.70, which piqued my attention technically:

"BNMR ... once again is putting upward pressure on the 34.00 resistance plateau, which if hurdled and sustained, should trigger a direct run at 36.60/70 next... Last is 33.70... (Scroll down to the follow-up BMNR chart)...

After the opening bell on August 8th, I posted a follow-up technical piece on BMNR:

BMNR (BitMine Immersion Inc) continues to follow a purely technical script (what else is there, considering it is an Ethereum proxy devoid of fundamentals, only chock-full of momentum traders). My pattern work argues that a sustained climb above 47.00 (in this case, two consecutive closes) will trigger a 60 target zone. Could the bulls get trapped above 47 ahead of a sharp correction to 42, and possibly to 36-37? Yes. But the pullback will represent a buying opportunity... Last is 47.76...

In a little over 48 hours, BMNR rocketed from below 34 to above 47 (+40%) for overwhelmingly technical reasons. BMNR closed Friday (8/08/25) at 51.30, but in aftermarket trading hit a higher-high at 55.00 before heading into the weekend at 52.66 last.

What's next? Technically, as long as any acute pullback weakness is contained above or within key support from 47 down to 42, BMNR has unfinished business on the upside to an optimal next target zone of 62 to 70.

As for its underlying asset, ETH, my attached 4-hour chart below shows that today (Sunday, August 10, 2025), ETH took out 1-1/2 years of resistance above 4100, and a resistance trendline that originated at the November 2021 ATH of 4866, which is likely to be the next upside challenge in the hours/days directly ahead.

If ETH motors higher, then BMNR should derive additional benefit, propelling the stock toward my 62-70 target zone...

Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 7-day Trial!

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