EOS Price Analysis: Bullish On Close Above $4

EOS started a fresh increase above the $3.50 resistance against the US Dollar.
The price is now trading above the $3.50 support and the 55 simple moving average (4-hours).
There is a major bullish trend line forming with support near $3.75 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair is likely to continue higher if it breaks the $4.00 and $4.02 resistance levels in the near term.

EOS price is showing positive signs above $3.50 against the US Dollar, similar to bitcoin. The price must clear $4.00 for more gains.

EOS Price Analysis

This week, EOS price saw a decent increase above the $3.50 resistance zone against the US Dollar. The price even broke the $3.80 resistance level and the 55 simple moving average (4-hours) to move into a positive zone.

The price even spiked above the $4.00 level, but there was no upside continuation. A high is formed near $4.01 and the price is now consolidating gains. An initial support is near the $3.80 level. It is close to the 23.6% Fib retracement level of the upward move from the $3.15 swing low to $4.01 high.

There is also a major bullish trend line forming with support near $3.75 on the 4-hours chart of the EOS/USD pair. If there is a downside break below $3.80, the price could accelerate lower. The next major support is near the $3.60 level and the 55 simple moving average (4-hours).

The 50% Fib retracement level of the upward move from the $3.15 swing low to $4.01 high is also near the $3.58 level. Any more losses might lead the price towards the $3.50 level in the near term.

Conversely, the price might start a steady increase above the $4.00 resistance level. The next key resistance is near the $4.20 level, above which the price might rise towards the $4.50 level.

Looking at the chart, EOS price is now trading above $3.80 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher if it breaks the $4.00 and $4.02 resistance levels in the near term.