Eigenlayer (EIGEN/USDT) Consolidates After Prolonged Downtrend

After months of sustained bearish pressure, the Eigenlayer against the Tether has entered a range-bound phase, suggesting a potential accumulation at the current $0.9500 range. However, indicators on the chart suggest sellers still dominate despite flattened Guppy Multiple Moving Averages (GMMAs) and expectations of a trend reversal.

Recently, the price action shows the pair is struggling to break above its stacked short-term GMMAs resistance zones.

Moreover, the oscillator beneath the chart indicates prices might move to the south for a while before a noticeable change in trend.