Key Points
- EOS price formed a solid support near the $1.55 level and recovered more than 10% against the US Dollar.
- There was a break above a major bearish trend line with resistance at $1.75 on the hourly chart of the EOS/USDT pair (data feed from Poloniex).
- The price faced a crucial resistance near the $2.00-2.10 zone.
EOS price gained bullish momentum recently and recovered above $1.90 against the US Dollar. However, the price struggled to settle above $2.00 and declined again.
EOS Price Analysis
This past week, there were heavy declines in EOS price below the $2.50 and $2.00 support levels against the US Dollar. The EOS/USD pair even traded towards the $1.50 level and formed a low near $1.54. Later, the price formed a decent support near $1.55 and stated an upside correction. Today, the price rallied more than 10% and climbed above the $1.75 and $1.90 resistance levels.
Buyers pushed the price above the 23.6% Fib retracement level of the last decline from the $2.63 high to $1.54 low. Moreover, there was a break above a major bearish trend line with resistance at $1.75 on the hourly chart. However, the price struggled to clear the $2.05-2.10 resistance area. Besides, the 50% Fib retracement level of the last decline from the $2.63 high to $1.54 low acted as a resistance. As a result, the price retreated and declined below $2.00 and the 100 hourly simple moving average. On the downside, an initial support is at $1.80, which was a resistance earlier.
Looking at the chart, EOS price traded with a bullish bias above $1.75 and $1.80. Having said that, buyers must clear the $2.05-2.10 hurdle to kick start a major rebound. If not, a downside break below $1.75 may push the price back towards $1.55.
Looking at the technical indicators:
Hourly MACD – The MACD for EOS/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is about to move below the 50 level.
Major Support Level – $1.75
Major Resistance Level – $2.10