- EOS is slowly rising from the $3.500 support base against the US Dollar.
- The price is currently trading above the $3.800 support and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $3.850 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to start a strong increase above the $4.400 and $4.500 resistance levels.
EOS price is consolidating above $3.800 against the US Dollar, while bitcoin is rising. The price could rally sharply if there is a clear break above the $4.400 resistance zone.
EOS Price Analysis
After forming a support base above $3.400, EOS price started a steady recovery wave against the US Dollar. The price broke the $3.500 and $3.600 resistance levels to move into a positive zone.
There was also a break above the $3.800 resistance zone. EOS spiked above the $4.000 barrier, but it struggled near $4.200. A high is formed near $4.199 and the price is currently correcting gains. It traded below the 23.6% Fib retracement level of the recent increase from the $3.555 swing low to $4.199 high.
It is now trading above the $3.800 support and the 55 simple moving average (4-hours). The first key support is near the $3.850 level. There is also a key bullish trend line forming with support near $3.850 on the 4-hours chart of the EOS/USD pair.
The trend line is close to the 50% Fib retracement level of the recent increase from the $3.555 swing low to $4.199 high. If there is a downside break below the trend line support, there are chances of a drop towards the $3.500 support zone.
Conversely, the price could rise steadily above the $4.200 resistance. An initial resistance on the upside is near the $4.400 level. If there is an upside break above $4.400, the price could rise towards the $4.800 resistance. Any more gains could lead the price towards the $5.000 level in the near term.
Looking at the chart, EOS price is clearly trading nicely above $3.800 and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong increase above the $4.400 and $4.500 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is showing positive signs in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $3.850 and $3.800.
Major Resistance Levels – $4.200 and $4.400.
