- EOS rallied towards the $2.750 level before correcting lower against the US Dollar.
- The price is currently trading above the $2.550 support and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $2.550 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a fresh rally if it clears the $2.650 resistance zone in the near term.
EOS price is currently correcting gains from $2.750 against the US Dollar, similar to bitcoin. The price must stay above $2.550 support to start a fresh rally.
EOS Price Analysis
In the past few days, EOS price saw a decent increase above the $2.500 resistance zone against the US Dollar. The price broke the $2.550 resistance level and settled well above the 55 simple moving average (4-hours).
The price even climbed above the $2.650 level, but it struggled to continue higher above $2.750. A high was formed near $2.757 before the price started a downside correction. There was a sharp bearish reaction below the $2.700 and $2.650 levels.
The price even spiked below $2.550 level and the 55 simple moving average (4-hours), but there was no follow through. A low was formed near $2.457 and the price is currently rising. It broke the $2.550 level.
There was a break above the 50% Fib retracement level of the downside correction from the $2.757 high to $2.457 low. However, the price seems to be facing a strong resistance near the $2.650 level.
The 61.8% Fib retracement level of the downside correction from the $2.757 high to $2.457 low is also acting as a resistance for the bulls. A clear break above the $2.650 resistance level could open the doors for a decent increase in the coming sessions.
The next key resistance is near the $2.750 zone, above which the bulls are likely to aim $2.90. Conversely, the price start a fresh decline below $2.580. On the downside, there is a major bullish trend line forming with support near $2.550 on the 4-hours chart of the EOS/USD pair.
If there is a clear break below the trend line, $2.550, and the 55 simple moving average (4-hours), the price could decline heavily towards $2.400.
Looking at the chart, EOS price is clearly holding the key $2.550 support and the 55 simple moving average (4-hours). Overall, the price could start a fresh rally if it clears the $2.650 resistance zone in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is close to the 50 level.
Major Support Levels – $2.550 and $2.450.
Major Resistance Levels – $2.650 and $2.750.