- EOS price gained pace and traded above the $3.880 and $4.000 resistance levels against the US Dollar.
- The price traded as high as $4.148 and recently corrected lower.
- There is a key bullish flag forming with resistance near $4.075 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to resume its upward move once it clears the $4.10 and $4.150 resistance levels.
EOS price is trading in a nice uptrend above the $3.850 support against the US Dollar, similar to bitcoin. There could be another rally once the bulls gain traction above $4.100.
EOS Price Analysis
After forming a support near the $3.400, there was a strong upward move in EOS above the $3.500 and $3.600 levels against the US Dollar. The upward move was such that the price settled above $3.850 and the 55 simple moving average (4-hours).
Finally, the price spiked above the $4.000 level and recently started a downside correction. It traded below the $4.000 level and the 23.6% Fib retracement level of the last rally from the $3.423 low to $4.148 high.
The price even broke the $3.950 level, but the $3.850 support area remained intact. It seems like the previous breakout resistance near $3.880 and $3.850 are acting as decent supports.
More importantly, there is a key bullish flag forming with resistance near $4.075 on the 4-hours chart of the EOS/USD pair. If there is an upside break above the $4.100 and $4.150 resistance levels, the price is likely to accelerate higher in the near term.
In the mentioned bullish case, the price is likely to rally towards the $5.00 resistance area. An intermediate resistance could be near the $4.450 and $4.500 levels.
Conversely, EOS price might decline below the $3.850 and $3.800 support levels. In this case, there is a risk of a larger downside correction below $3.750. An immediate support is near the $3.700 level and the 55 simple moving average (4-hours), below which there is a risk of a drop towards the $3.500 level.
The main support is still near the $3.420 and $3.400 levels. If the price fails to stay above $3.400 in the medium term, it could continue to move towards the $3.350 level.
Looking at the chart, EOS price is currently consolidating above the $3.850 and $3.900 levels. It seems like the bulls are preparing for a larger rally above $4.100.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.
Major Support Levels – $3.850 and $3.800.
Major Resistance Levels – $4.100 and $4.150.
