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- A whale sold 780K $EIGEN at a $2M loss, exiting at $1.178 after buying at $3.76, signaling a significant market shift.
- $EIGEN is forming a rising wedge, with key resistance at $1.4179 and support at $1.0000, hinting at a potential breakout or pullback.
- If $EIGEN breaks $1.4179 resistance, bullish momentum may continue; failure could lead to a retracement towards lower support zones.
According to Spot On Chain, a major whale, identified as “0xce0,” has been offloading $EIGEN tokens at a massive loss. Over the past two days, the whale sold 780,132 $EIGEN for approximately $919,000 in Wrapped Bitcoin ($WBTC) and Ethereum ($ETH). This sell-off resulted in a staggering $2.01 million loss, marking a 69% decline from the initial investment.
Between October 8 and 18, 2024, the whale had acquired 772,450 $EIGEN at an average price of $3.76, spending around 1,198 ETH (~$2.9 million). However, after a drastic 68% price drop over the past five and a half months, the whale unstaked and exited at a lower price of just $1.178.
EIGEN Market Trend and Key Resistance Levels
Currently, the $EIGEN/USDT perpetual contract on Binance is trading at $1.2110, reflecting a 2.42% increase. The market has been forming an ascending trendline, suggesting a gradual upward trajectory. Resistance has been identified at $1.4179, while a strong support zone is seen around $1.0000. Despite a previous steep decline, the price appears to have stabilized and entered a consolidation phase.
Moreover, a rising wedge pattern is forming on the two-hour candlestick chart. This pattern signals a potential breakout scenario. The price continues to move within this structure, establishing higher lows. It has consistently rebounded off the ascending trendline, indicating steady accumulation and bullish sentiment.
Historical Patterns and Potential Price Movements
It’s interesting to note that historical study shows similarities to a “Bump and Run” pattern. A bullish trend first appears, which is followed by a powerful breakout and a subsequent decline. Because they suggest possible areas of increasing selling pressure, resistance levels are important in this situation.
Additionally, the price is approaching the $1.4179 resistance level. If it fails to break through, a retracement towards lower support zones may occur. However, a successful breakout could drive the price higher, confirming bullish momentum.
The trading volume remains stable, with price action reflecting steady accumulation. If the resistance at $1.4179 is breached, further bullish continuation is likely. However, if buying momentum weakens, a pullback to support levels could follow.
