EigenLayer (EIGEN) is unstoppable: It could be the bull's star!

Ethereum staking platform EigenLayer (EIGEN) seems to be making an ambitious entrance into the bull season.

Eigenlayer(EIGEN) has managed to attract investors' attention with its recent upward movements. The popular altcoin has increased by 11 percent in the last 24 hours, reaching $5.23. Despite its volatile price structure, EIGEN's market value increased by 6.72 percent to $1.08 billion.

The head-and-shoulders formation on the EigenLayer four-hour chart draws attention. The formation in question is usually an important technical signal that indicates that the current uptrend will continue.

The neckline of the formation appears close to $5. If the price exceeds $5.38, there may be a potential rise towards the $7 band. However, a 37.13 percent increase from the current EIGEN price is required to reach this level.

The support level can be followed at $4.77. Persistence above this level will increase demand for $EIGEN . On the other hand, with Ethereum's sharp rise, the bullish momentum in the parity may strengthen. If $ETH refreshes the peak, a new rally may begin in the parity.

On the other side of the coin, another metric that shows support and resistance levels in technical analysis, the Stochastic Oscillator, shows that EigenLayer is in the overbought region with 70.46 points. This may indicate that a correction may occur in the short term.