BitMine shares fall more than 4% as Ethereum declines

BitMine shares fell more than 4% Wednesday as Ethereum declined and investors pulled back from higher-risk assets. Ethereum traded at $2,661.43. Ethereum fell 2.9% over the past 24 hours. The Nasdaq fell 0.94%. The S&P 500 declined 0.72%. BitMine shares remain down about 49.6% over the past 12 months. BitMine traded about 9.4% above its 20-day simple moving average of $25.11. BitMine traded 30.5% above its 50-day simple moving average of $21.05. The 50-day simple moving average remains below the 200-day simple moving average of $22. The January death cross remains intact. The moving average convergence divergence indicator is above its signal line. The histogram remains positive. Those indicators suggest selling pressure has eased from earlier levels. Resistance is near $30.50. Support is near $22.50. BitMine has a Momentum score of 86.41. The Corgi Crypto Infrastructure ETF has a 5.64% weighting in BitMine. The Bitwise Crypto Industry Innovators ETF has a 7.05% weighting in BitMine. The Global X Blockchain ETF has a 9.97% weighting in BitMine. Large inflows or outflows from these exchange-traded funds can contribute to trading activity in BitMine shares. BitMine shares were down 4.31% at $27.52 at the time of publication Wednesday, according to Benzinga Pro.