As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull and bear runs. The recent surge in EigenLayer’s price has caught my attention, primarily due to the significant whale accumulation as evidenced by the massive ETH purchases.
In October’s second week, the crypto market exhibits a slow, steady movement with Bitcoin finding it tough to stay above the $65000 threshold. Most significant altcoins are facing similar instability. However, the EigenLayer price forecast indicates that EIGEN surged from $3.05 to $4, representing a 32% increase. This positive shift might extend to the $5 psychological level due to a reversal chart pattern and signs of whale accumulation.
EigenLayer Price Breakout Looms As Whale Buys 1.63M EIGEN
As reported by on-chain data tracker Lookonchain, it appears that two newly created wallets, possibly owned by the same individual, collectively invested about 24,271 ETH (equivalent to roughly $6.03 Million) to acquire approximately 1.63 million EIGEN tokens.
As a crypto investor, I’ve noticed a couple of significant transactions regarding the acquisition of EIGEN tokens. Firstly, an address labeled as 0x45cE splurged approximately $3.01 million by investing 1,234 ETH to buy around 791.8 thousand EIGEN tokens, with each token costing an average of $3.8.
In the world of finance, when significant investors consistently purchase an asset, it can signal that the asset has reached its lowest point and is poised to initiate a robust surge in value. The buildup of EigenLayer price holdings as the coin surpassed $3.8 suggests the possibility of an extended period of recovery.
2 wallets, possibly connected to the same individual, have recently transferred a total of 2,471 Ether (approximately $6.03 million) to purchase approximately 1.63 million Eigen in the last 30 hours.
0x45cE spent 1,234 $ETH($3.01M) to buy 791,845 $EIGEN at $3.8.
0x2425 spent 1,237 $ETH($3.02M) to buy 835,391 $EIGEN at $3.61.…
— Lookonchain (@lookonchain) October 9, 2024
EIGEN Price Prediction: Is $5 Next?
Initially experiencing a significant decrease when it started trading on Coinbase, Eigenlayer hit a low of $3.036. However, it has since become more stable. In a 4-hour chart, the predicted price movement for Eigenlayer shows signs of consolidation that seem to be forming an inverted head-and-shoulder pattern.
In theory, the pattern is made up of three successive dips, where the middle one dips deeper than the other two. Given this bullish formation and large-scale purchases by whales, the EIGEN price experienced an unexpected breakout from its $3.66 neckline resistance.
Analyzing the current market trend, I notice that the EIGEN token has formed a post-retest reversal resembling a morning star pattern. Currently, it’s trading at $4.061, and its impressive market cap stands at approximately $747.5 Million. As the breakout rally gathers speed, I anticipate that the altcoin could encounter its next significant resistance level at around $4.258, with another potential hurdle at $5 thereafter.
Additionally, the 20-and-50-day exponentially-moving average shows a rise, potentially serving as a robust support for crypto investors in the near future.
Instead of indicating a potential upward movement, the multiple rejection candle at $4.258 suggests a large amount of overhead supply. Given the current slow trend in the crypto market, there’s a chance that this resistance could cause a reversal, potentially driving down the price of Eigenlayer below the neckline at $3.66. This would contradict the optimistic outlook, or bullish thesis.
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2024-10-09 16:24