The 1953-54 and 1954-55 seasons saw SD Eibar rub shoulders with some of the finest clubs in the Second Division such as Zaragoza, Alavés and Sabadell – and, in general, make a fine account of themselves. However, the club finished 14th in the 1955-56 season and was consequently relegated from the division. The following season, SD Eibar was able to raise the España de Aficionados trophy for the second time in three years, beating Sevilla 3-0 in Madrid.

The excitement returned in the 1956-57 season when Eibar was able to secure the signatures some players of the highest level. One such example was the goalkeeper Félix Arrizabalaga "Aputxiano", who left spectators astonished with his glue-like grip of the football from shots and crosses. Aputxiano quickly became an icon for the Eibar fan base and was later transferred to Valencia. The same season, Eibar returned to the Third Division.