HomeAltcoin NewsEOS Price Analysis: Bulls Face Uphill Task Above $2

EOS Price Analysis: Bulls Face Uphill Task Above $2

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  • EOS price started a fresh increase from the $1.88 zone against the US Dollar.
  • The price is now trading below $2.10 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1.975 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could resume decline if it stays below the $2.10 resistance zone.

EOS price is showing bearish signs below $2.10 against the US Dollar, unlike bitcoin. The price could continue to decline if there is a clear move below $2.00 and $1.95.

EOS Price Analysis

This week, EOS price started a decent recovery wave from the $1.870 swing low against the US Dollar. The price was able to clear the $1.92 and $1.95 resistance levels.

There was a break above a major bearish trend line with resistance near $1.975 on the 4-hours chart of the EOS/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $2.31 swing high to $1.870 low.

However, the price faced a strong resistance near the $2.10 level and the 55 simple moving average (4-hours). The price also failed near the 50% Fib retracement level of the key decline from the $2.31 swing high to $1.870 low.

It is now moving lower and trading below $2.05. On the downside, the first major support is near the $2.00 level. The next support is now forming near the $1.95 zone. If there is a downside break below $1.95, the price might drop to $1.870. Any more losses might call for a move towards the $1.70 level in the near term.

Conversely, the price could start a fresh increase above $2.05. The next major resistance is near the $2.10 level and the 55 simple moving average (4-hours).

A clear move above the $2.10 resistance could start a major increase. The next major resistance is near $2.28, above which the price could rise to $2.35. Any more gains might send the price towards the $2.50 level or even $2.80.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $2.10 level and the 55 simple moving average (4-hours). Overall, the price could resume decline if it stays below the $2.10 resistance zone.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $2.00 and $1.95.

Major Resistance Levels – $2.10 and $2.28.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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