BMNR Tests Rising Channel Floor for Second Time as Nears ETH Buy Zone

BitMine Immersion Technologies (BATS: BMNR) has fallen roughly 38% from its late-September high near $28.80 and is now sitting on the lower boundary of its rising daily channel for the second time this year. The setup comes from a TradingView analysis published by chartist I_M_Shoaib, who frames the pullback as a technical test rather than a breakdown — a claim that depends heavily on Ethereum holding its own floor.

Why does BMNR follow Ethereum?

BMNR is a US digital asset technology company built around holding and managing a large corporate treasury of Ethereum. According to the analysis, it holds roughly 6.07 million ETH — close to 5% of the circulating supply.

That concentration makes the stock a leveraged proxy for the underlying token. The analysis notes that BMNR's slide from its September high has tracked ETH's head-and-shoulders breakdown "almost move for move." In plain terms, when ETH sneezes, BMNR catches cold — and amplifies the move in both directions.

The trader argues ETH is now approaching a demand zone between $1,825 and $1,950, where head-and-shoulders targets converge with the base of the asset's August rally. If ETH bounces from that band, the analysis claims BMNR is "positioned to follow, and potentially to outperform." What is not said: what happens if ETH slices through the zone instead.

What does the chart structure show?

Since the start of 2026, BMNR has traded inside a rising parallel channel on the daily timeframe. The upper line has capped price several times — in February, again in March and April, and finally at the late-September high near $28.80.

The lower line produced the late-June swing low near $13, which launched a rally of more than 100% to the channel's top. Price has now returned to that same lower line.

The analyst's logic: second and third touches of a channel boundary tend to be where price reacts, because by then the line has proven itself and more traders are watching it. The last test of this line delivered the full move from the bottom of the channel to the top.

Is selling pressure actually fading?

Volume on the recent decline has run below average and has fallen steadily since September. The latest session printed 15.8 million shares — roughly half the 29.6 million average.

A pullback into support on shrinking volume, the argument goes, points to sellers running out of steam rather than fresh distribution. The caveat is obvious: low-volume declines can also precede high-volume breaks, and one day's tape proves little.

What is the trade plan?

The analysis lays out a defined structure:

• Entry: $17.77 (current market price)
• Stop loss: two consecutive red daily candles closing below $12.72
• Take profit: $30.90 at the channel top

The reward-to-risk framing is implicit rather than stated: roughly $13 of upside against about $5 of admitted downside, or better than 2-to-1 — but only if the channel holds. The whole thesis rests on two simultaneous supports: BMNR's lower channel line and ETH's $1,825–$1,950 demand zone. If either fails, the stop-loss rule, not the target, becomes the operative part of the plan.