EigenLayer Price Prediction: 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.

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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.