Crypto
Ether.fi Token Price Falls 6% After Recent Rally
The price of Ether.fi's (ETHFI) token declined by approximately 6% on October 1, reaching near $0.733 on Coinbase's daily chart. This drop comes after a recent rally towards resistance at $0.81-$0.82.
As ETHFI traded lower, the focus shifted to support levels around $0.70. A failure to reclaim this level could signal further weakness in the token's price action.
Ether.fi has been expanding its services beyond restaking, introducing features such as tokenized asset trading and portfolio-backed borrowing through its August 13 app release. This expansion might be connected to the decline of its restaking layer, EigenLayer, due to weak yields and perceived risks.