EIGEN Pressured by 37M Token Unlock as Price Tests $1.17 Support Level
The post EIGEN Pressured by 37M Token Unlock as Price Tests $1.17 Support Level appeared on BitcoinEthereumNews.com.
Tony Kim
Oct 17, 2025 23:17
EigenLayer (EIGEN) trades at $1.17 following a massive 13.77% token unlock that released 36.82M tokens into circulation, creating selling pressure despite positive liquid restaking developments.
Quick Take • EIGEN trading at $1.17 (down 2.0% in 24h) • Major token unlock event released 13.77% of circulating supply • Price testing critical support near Bollinger Band lower boundary • Following broader crypto weakness as Bitcoin declines Market Events Driving EigenLayer Price Movement The dominant factor pressuring EIGEN price over the past two weeks has been the substantial token unlock on October 1st, which released 36,820,000 EIGEN tokens representing approximately 13.77% of the circulating supply. This massive liquidity injection has created persistent selling pressure as early investors and insiders potentially monetize their positions. Despite this headwind, the ecosystem showed positive developments with Ekox’s introduction of eXETH, a liquid restaking token designed to enhance capital efficiency within the Ethereum staking ecosystem. This innovation allows users to maintain liquidity while earning staking rewards, potentially expanding EigenLayer’s utility and adoption. However, the positive impact of this technical advancement has been overshadowed by the token unlock’s market dynamics. The timing of these events has coincided with broader crypto market weakness, as Bitcoin’s decline has weighed on altcoins across the board. EIGEN price action reflects this dual pressure from both protocol-specific supply dynamics and macro crypto sentiment. EIGEN Technical Analysis: Oversold Territory Testing Support Price Action Context EIGEN price currently sits well below all major moving averages, with the token trading at $1.17 compared to the 20-day SMA of $1.58. The substantial gap between current price and the EMA 12 ($1.39) and EMA 26 ($1.51) indicates strong bearish momentum that has yet to find equilibrium. Volume remains elevated at $19.4 million on Binance spot…
Filed under: News - @ October 18, 2025 11:18 pm