EIGEN price has recently cleared the $1.41 neckline of a double bottom and is approaching the $1.60 resistance zone, targeting a potential move toward $1.70.

EigenCloud, prev. EigenLayer, (EIGEN) price has surged 15% over the past 24 hours, now trading around $1.45, with trading volume more than doubling. This rally brought price close to the upper trendline of an ascending channel that has been intact since early July on the 4-hour chart.

Additionally, EIGEN price recently broke out of a double bottom pattern, with key support at $1.25 and a neckline at $1.41. The measured move from this breakout points toward a target near $1.55 – $1.60, which aligns with the channel’s upper boundary, adding confluence to this resistance zone.

A breakout above $1.60 with strong volume and RSI staying controlled (not overbought above 70) could open the door for a bullish continuation toward $1.70, a key level from early May and June where multiple rejections occurred. Above $1.70, there’s limited historical resistance until the $1.85–$1.90 zone, giving bulls more room to push.

However, failure to hold above $1.50–$1.60 could lead to a pullback toward channel support (~$1.30) or the breakout neckline of the double bottom around $1.41 for a potential retest.

EIGEN price rally is unfolding after a series of recent bullish developments on the fundamental front. In June, a16z backed EigenCloud with a $70M token acquisition to support the launch of EigenCloud, a unified cloud platform aimed at accelerating crypto’s app era. 

Around the same time, Santiment ranked EigenCloud among the top Ethereum-based projects by development activity. Additionally, Renzo Protocol, in partnership with Concrete, the premier provider of customizable DeFi vault infrastructure, recently launched institutional restaking vaults on EigenCloud.