Crypto analyst Altcoin Sherpa has noted that the Ethereum (ETH) 
$3,202 restaking protocol Eigenlayer (EIGEN) has started to gain momentum. In a recent statement to his 226,300 followers on the social media platform X, he indicated that EIGEN could continue to increase in value due to various factors.
Performance and Technical Analysis of EIGEN
Altcoin Sherpa described EIGEN as an unprecedented coin/trade in its timeline. He suggested that EIGEN might gain value with the arrival of the Ethereum season. The analyst emphasized that EIGEN is currently fairly priced with a fully diluted value of $5.5 billion.
“The ETH season is probably coming. With its previous high excitement and current fair pricing, EIGEN looks particularly strong.”
He also pointed out that EIGEN possesses new technologies and that the overall market is in a bullish trend. EIGEN has notably shown strong performance during this rise, as indicated by its chart depicting higher highs and higher lows within a 12-hour timeframe.
Expectations for AAVE and PEPE
Altcoin Sherpa noted that AAVE, the native token of a leading lending platform on Ethereum, has surged past its resistance level. He suggested that AAVE could be on an upward trend after surpassing the $170 mark.
“I continue to focus on AAVE. If DeFi really rises, this token has much more potential for growth.”
Regarding the PEPE memecoin, he mentioned that it could regain value if it surpasses the resistance level of $0.00001084. He believes that memecoins with high market capitalization are good investment opportunities.
“PEPE will ultimately move entirely upward. Memecoins with high market caps are good bets.”
According to the analyst’s shares, EIGEN is currently trading at $3.15, having gained 7.6% in the last 24 hours. AAVE has risen to $181, showing a 4.3% increase, while PEPE is trading at $0.00001067 with a 7.5% increase.
The recent performances of EIGEN, AAVE, and PEPE indicate notable uptrends in the crypto market. Investors may continue to show interest in EIGEN, particularly due to its strong technical indicators.
