Crypto
BitMine Stock Pulls Back as Ethereum Price Drops
BitMine Immersion Technologies Inc. (NYSE:BMNR) stock experienced a pullback on Friday, falling nearly 5% in premarket trading after Thursday's 14.7% surge.
The decline also came as Ethereum (CRYPTO: ETH) fell 2.33% over the past 24 hours to $2,449.94.
Despite this, BitMine remains above its major moving averages, with a 20-day simple moving average of $21.62 and a 200-day SMA of $22.35.
The company's chairman, Tom Lee, remains bullish on Ethereum, calling it 'vastly undervalued' and predicting that it could reach around $6,000 if Bitcoin (CRYPTO: BTC) climbs to $150,000.