- EOS price started a fresh increase from the $2.250 support area against the US Dollar.
- The price gained momentum above the $2.500 resistance and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $2.420 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could correct lower, but there are many supports near $2.600 and $2.500.
EOS price is trading in a positive zone above $2.500 against the US Dollar, similar to bitcoin. It seems like the bulls are aiming an upside break above the $2.700 and $2.800 resistance levels.
EOS Price Analysis
EOS price formed a strong support base above the $2.225 and $2.300 levels against the US Dollar. The price remained well bid and started a steady upward move above the $2.400 and $2.500 resistance levels.
There was a proper close above the $2.500 level and the 55 simple moving average (4-hours). More importantly, there was a break above a crucial bearish trend line with resistance near $2.420 on the 4-hours chart of the EOS/USD pair.
The pair even broke the $2.600 resistance and traded as high as $2.704. It is currently consolidating gains near the $2.650 level. An initial support is near the $2.600 level, plus the 23.6% Fib retracement level of the recent rally from the $2.331 low to $2.704 high.
If there is a downside correction below $2.600, the price could test the $2.500 support level. It is close to the 50% Fib retracement level of the recent rally from the $2.331 low to $2.704 high.
The next major support is near the $2.450 level and the 55 simple moving average (4-hours). On the upside, the price is facing a short-term hurdle near the $2.700 and $2.800 levels. If there is a close above the $2.800 level, the price could rise towards the $3.000 resistance zone.
Any further gains could open the doors for a larger upward move towards the $3.200 level or the $3.325 barrier in the coming sessions.
Looking at the chart, EOS price is clearly trading in a positive zone near the $2.650 level. It could correct lower, but there are many supports near $2.600 and $2.500.
Technical indicators
4-hours MACD – The MACD for EOS/USD is currently moving in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 60 level.
Major Support Levels – $2.600 and $2.500.
Major Resistance Levels – $2.700 and $3.000.