Ethereum staking platform #EigenLayer ($EIGEN ) seems to be making an ambitious start to the season.
EigenLayer (#EIGEN ) has managed to attract attention with its recent upward movements. The popular altcoin has increased by 11 percent in the last 24 hours, reaching 5.23. Despite the volatile price structure, EIGEN's market value increased by 6.72 percent to 1.08 billion.
Metrics for EigenLayer (EIGEN) are still positive
The head-and-shoulders formation on EigenLayer's four-hour chart is striking. The formation in question is usually an important technical signal that indicates the continuation of the current uptrend.
The neckline of the formation appears close to 5. If the price exceeds $ 5.38, a correct rise potential may arise in the 7-band. However, to reach this level, a 37.13 percent broadcast from the current EIGEN price must be recorded.
$ 4.77 can be followed as a support level. Persistence at this level will increase demand for EIGEN. On the other hand, with Ethereum's sharp rise, the bullish momentum may strengthen. If ETH refreshes its peak, a new rally may be made in the parity.
On the other side of the coin, another metric that shows support and resistance in technical analysis, the Stochastic Oscillator, shows that EigenLayer is in the overbought region with 70.46 points. This situation may indicate that a short-term correction may occur.
