Kraken: Redeems 50,600 ETH from EigenCloud

Kraken pulled 50,600 ETH worth $107 million from EigenCloud in a single transaction, accelerating the collapse of the restaking narrative whose total TVL has already plunged from $31 billion last August to just $11 billion today while the former sector leader EigenCloud itself fell from $22 billion.

On the 4h chart ETH sits at $2091.35 inside a bearish structure beneath the EMA50 at $2128.28 and EMA200 at $2216.96; the MACD golden cross at -1.61 offers short-term momentum yet RSI at 44.3 remains neutral, leaving price boxed between the Bollinger upper band at $2155.4 and lower support at $2034.8 where a retest of the 50-EMA looks probable before any sustained move higher.