💰💰EigenLayer (EIGEN) is unstoppable: It could be the star of the bull! 💰💰

Ethereum staking platform EigenLayer (EIGEN)$EIGEN

is preparing to take an ambitious step into the bull season.

EigenLayer (EIGEN), which has attracted the attention of investors with its recent upward momentum, increased by 11% in the last 24 hours and rose to $5.23. Despite the price volatility, EIGEN's market value increased by 6.72% to $1.08 billion. EigenLayer attracts attention with its head-and-shoulders (OBO) formation on the four-hour chart. This technical formation is interpreted as a strong signal that the current uptrend may continue.

The neckline of the formation is approximately $5. If the price exceeds $5.38, there may be a potential rise to $7. However, in order to reach this level, EIGEN will need to increase by 37.13% from its current price.

$4.77 can be monitored as a support level. Persistence above this level may increase demand for EIGEN. In addition, the strong rise in Ethereum's price may further strengthen the bullish momentum in the parity. If ETH tests new peaks, it may start a new rally in the parity.

However, the Stochastic Oscillator, which determines support and resistance levels in technical analysis, shows that EigenLayer has entered the overbought zone and is currently trading at 70.46 points. This may be a warning sign that a correction may occur in the short term.

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