- EOS price started a fresh decline from the $4.20 resistance against the US Dollar.
- The price is now trading below $3.80 and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $3.75 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down if it trades below the $3.30 support zone.
EOS price is showing bearish signs below $4.00 against the US Dollar, similar to bitcoin. The price could decline further if there is a clear break below $3.30.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $4.00 resistance zone against the US Dollar. The price traded below the $3.60 level and the 55 simple moving average (4-hours).
The price even spiked below $2.50 and traded as low as $2.436. Recently, there was an upside correction above the $2.80 and $3.00 levels. The price climbed above the 50% Fib retracement level of the downward move from the $4.17 swing high to $2.436 low.
The price is now trading below $3.80 and the 55 simple moving average (4-hours). There is also a major contracting triangle forming with resistance near $3.75 on the 4-hours chart of the EOS/USD pair.
The 76.4% Fib retracement level of the downward move from the $4.17 swing high to $2.436 low also acted as a resistance. On the downside, the first major support is near the $3.45 level.
The main support is now forming near the $3.30 zone. If there is a downside break below the $3.30 support, there could be a move towards the $3.00 support.
On the upside, the first key resistance is near the $3.60 level and the 55 simple moving average (4-hours). A close above the $3.60 level could open the doors for a steady increase. In the stated case, the price could rise towards the $4.00 level. The next key resistance is near the $4.20 level.
Looking at the chart, EOS price is now trading below $4.00 and the 55 simple moving average (4-hours). Overall, the price could continue to move down if it trades below the $3.30 support zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $3.40 and $3.30.
Major Resistance Levels – $3.80 and $4.00.
