BitMine stock is at risk of a significant decline as Ethereum forms bearish chart patterns. The stock has already plummeted from a record high of $160 to $29.35, reducing its market cap from over $17 billion to $13 billion. Technical analysis indicates a potential bearish breakout, with the stock trading below key moving averages and Fibonacci levels. The initial downside target is $23.57, with further potential decline to $20. Ethereum, which BitMine holds extensively, is forming a bearish flag pattern on the daily chart and an inverse head-and-shoulders pattern on the weekly chart. These patterns suggest potential downside for Ethereum, which could impact BitMine's holdings, currently valued at $12.65 billion. Despite the risks, BitMine remains optimistic about Ethereum's long-term prospects, citing upcoming network upgrades and strong fundamentals.