EIGENUSDT Rebounds From 0.172 — But Overbought RSI Casts Doubt

Summary
• Price tested key support near 0.172 before rallying to 0.196 in late afternoon ET.
• On-balance volume surged during the 16:00–17:00 ET window, confirming a bullish reversal.
• RSI showed overbought conditions near 75 during the late-day spike, hinting at potential short-term consolidation.
• Bollinger Bands showed a moderate expansion during the 10:00–12:00 ET window, signaling increasing volatility.
• Fibonacci levels at 0.182 and 0.190 served as key re-entry points for buyers during the bounce.

EigenLayer/Tether (EIGENUSDT) opened at 0.181 on 2026-02-22 12:00 ET, reached a high of 0.196, a low of 0.169, and closed at 0.187 on 2026-02-23 12:00 ET. The 24-hour volume totaled approximately 12,479,113.93 units, with a notional turnover of roughly 2,270,684.38 USDT.

Structure & Key Levels

The price formed a bullish reversal pattern near the 0.172 level during the early morning hours, with a long lower wick indicating rejection of further downside. The subsequent rally broke above the 0.190 Fibonacci retracement level, which had previously acted as resistance. A potential short-term support zone now appears near 0.185–0.187, while 0.194 may cap upward movement in the near term.

Moving Averages and Momentum

On the 5-minute chart, the price closed above the 20-period and 50-period moving averages, suggesting short-term bullish momentum. The 50-period MA crossed above the 100-period MA earlier in the session, hinting at a potential continuation in favor of buyers. The MACD crossed into positive territory during the midday rally, with a moderate histogram, suggesting growing but not overwhelming bullish energy.

Volatility and Bollinger Bands

Volatility expanded significantly during the 10:00–12:00 ET window as the price broke out from a narrow range, with the upper Bollinger Band reaching as high as 0.196. The price remained within the bands for much of the session, with no strong signs of a breakout beyond the current range. This suggests the move higher may be consolidating into a new range.

Volume and Turnover Analysis

Volume spiked during the late afternoon and early evening ET, coinciding with the price reaching a 24-hour high of 0.196. This confirms the strength of the bullish breakout. Notional turnover also surged in line with the price move, suggesting genuine buying interest rather than thin order book activity. No major divergence was observed between price and volume, supporting the validity of the recent rally.

Forward-Looking Observations and Risk Note

The 0.185–0.187 support zone appears crucial for near-term buyers to hold, while a break above 0.194 could signal a more aggressive push toward 0.200. However, with RSI recently entering overbought territory, a short-term pullback into the 0.185–0.188 range remains a likely scenario. Investors should remain cautious of a potential consolidation phase or sideways range if volume fails to follow through in the next 24 hours.