- EOS price is trading nicely above the $2.365 and $2.330 support levels against the US Dollar.
- The bulls are likely to gain strength if there is a clear break above $2.800.
- There is a crucial bullish trend line forming with support near $2.480 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- Dips remain well supported on the downside as long as the price is above $2.280.
EOS price is showing a few positive signs against the US Dollar, similar to bitcoin. However, the bulls need to surpass $2.700 and $2.800 for a strong rally in the near term.
EOS Price Analysis
In the past few days, there were mostly broad range moves in EOS price below $2.800 against the US Dollar. The price declined a couple of times, but dips remain well bid above the $2.300 support area.
The recent swing low was formed near $2.439 before the price jumped above the $2.500 resistance. It even surpassed the $2.600 level and the 55 simple moving average (4-hours). A high is formed near the $2.657 level and the price is currently correcting lower.
There was a break below the $2.600 level. The price even traded below the 23.6% Fib retracement level of the recent rise from the $2.439 low to $2.657 high.
It is now approaching the $2.580 support level and the 55 simple moving average (4-hours). The first key support is near the $2.550 level. It is close to the 50% Fib retracement level of the recent rise from the $2.439 low to $2.657 high.
Moreover, there is a crucial bullish trend line forming with support near $2.480 on the 4-hours chart of the EOS/USD pair. If the price fails to stay above the $2.550 support and the trend line, it could decline towards the main $2.350 and $2.300 support levels.
Conversely, the price might continue to rise above the $2.650 and $2.680 levels. The first key barrier is near the $2.750 level. The main resistance for a larger upward move is seen near the $2.800 levels. Above $2.800, the bulls are likely to aim a test of the $3.000 resistance.
Looking at the chart, EOS price is currently trading in a bullish zone above the $2.550 and $2.500 support levels. As long as there is no close below $2.500, the bulls are likely to eye a break above the $2.800 resistance.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now correcting lower towards the 50 level.
Major Support Levels – $2.255 and $2.350.
Major Resistance Levels – $2.750 and $2.800.