EIGEN Eyes $5 as Whales Buy 1.63M Tokens

The crypto market showcases a sluggish trend in October’s second week as Bitcoin struggles to sustain above the $65000 mark. While most major altcoins experience similar uncertainty, the EigenLayer price prediction shows EIGEN bounced from $3.05 to $4, accounting for a 32% hike. The bullish turnaround could extend to a $5 psychological level amid a reversal chart pattern and whale accumulation.

EigenLayer Price Breakout Looms As Whale Buys 1.63M EIGEN

According to on-chain data tracker Lookonchain, two fresh wallets, likely belonging to the same person, collectively spent 24 2,471 $ETH (approximately $6.03 Million) to buy 1.63 million EIGEN tokens.

The tweet highlights that the address labeled 0x45cE spent $1,234 ETH (around $3.01M) to purchase 791.8k EIGEN tokens at an average price of $3.8. Meanwhile, the second wallet, labeled 0x2425, spent 1,237 ETH (3.02) to acquire 835.3k EIGEN tokens, accumulating them at a slightly cheaper value of $3.61 per token.

In the financial market, large holders buying often coincides with an asset securing bottom and kickstarting a high momentum rally. The recent accumulation of EigenLayer price prediction as the coin rallied past $3.8 indicated the potential for prolonged recovery.

2 fresh wallets (likely belonging to the same person) spent 2,471 $ETH($6.03M) to buy 1.63M $EIGEN in the past 30 hours.

0x45cE spent 1,234 $ETH($3.01M) to buy 791,845 $EIGEN at $3.8.https://t.co/JYLX4d9dNI

0x2425 spent 1,237 $ETH($3.02M) to buy 835,391 $EIGEN at $3.61.… pic.twitter.com/ENb1OyCsqJ

— Lookonchain (@lookonchain) October 9, 2024

EIGEN Price Prediction: Is $5 Next?

Witnessing a massive drop upon listing over Coinbase, the Eigenlayer marked a low at $3.036 before stabilizing. In the 4-hour chart, the Eigenlayer price prediction reveals its consolidation as forming an inverted head-and-shoulder pattern.

Theoretically, the pattern consists of three consecutive troughs, with the middle extending lower than the surrounding two. Amid this bullish pattern and whale buying, the EIGEN price gave a deceive breakout from the $3.66 neckline resistance. 

With a post-retest reversal forming a morning star pattern, the EIGEN token now trades at $4.061, boosting a market cap of  $747.5 Million. As the breakout rally gains momentum, the altcoin could face the next crucial resistance at $4.258, followed by $5. 

Furthermore, the 20-and-50-day exponential moving average witnesses an uptick and could provide dynamic support to crypto buyers. 

On the contrary, the multi-rejection candle at $4.258 signals the presence of a significant overhead supply. As the crypto market today shows a sluggish trend, a possible reversal from this resistance could push the Eigenlayer price prediction below the neckline at $3.66 and invalidate the bullish thesis.

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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.