BitMine Immersion Technologies (NASDAQ: BMNR) Chairman Tom Lee flagged a new Ethereum technical analysis as “interesting,” suggesting the cryptocurrency may be forming a short-term bottom following months of sustained weakness.
Lee shared a chart authored by Stephen Suttmeier, a former Bank of America technical strategist, which outlined a series of critical price levels that could determine Ethereum’s near-term trajectory.
Suttmeier’s analysis identified a support zone between $1,693 and $1,708 as the foundation Ethereum must hold to confirm that its recent rebound has staying power.
According to the chart, maintaining that support range would signal that selling pressure is beginning to ease rather than intensify, a meaningful shift after a prolonged period of decline.
Ethereum has now fallen approximately 60% from its all-time high, a significant drawdown that has weighed heavily on sentiment across the broader altcoin market.
The next critical test for the token lies at the $1,846 to $1,876 resistance band, which Suttmeier identified as the level buyers must clear to demonstrate genuine momentum is building.
A sustained break above that resistance range could open the door to further gains, with Suttmeier pointing to $1,987 and then $2,100 as subsequent price targets on the upside.
If bullish momentum continues to accelerate beyond those levels, Suttmeier noted that the next major resistance zone sits between $2,225 and $2,239, representing a significant recovery from current levels.
Ethereum gained around 0.9% over the 24-hour period following Lee’s comments, with the token trading at approximately $1,747, but BMNR shares declined 1.2% in afternoon trading, failing to track the token’s modest recovery.
Some retail traders on Stocktwits pointed to the divergence between BMNR and Ethereum as a concern, with one user citing dilution as part of the reason the stock has struggled to keep pace.
Another trader noted that BMNR has historically fallen more sharply than Ethereum on down days while underperforming when the token recovers, a pattern that has contributed to the stock’s more severe losses.
BMNR shares have dropped more than 46% so far this year, compared to a decline of around 40% for Ethereum over the same period, leaving investors in the stock in a worse position than those holding the underlying asset directly.
Despite that underperformance, retail sentiment around both ETH and BMNR remained in bullish territory on Stocktwits, suggesting traders are still watching for a recovery rather than positioning for further losses.
Source: Original Article
