- EOS price is trading nicely above the key $2.650 support zone against the US Dollar.
- The price is facing a short-term resistance near the $2.760 level, but it is well above 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $2.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair remains in an uptrend and it could continue to rise towards $3.000 in the near term.
EOS price is gaining bullish momentum above the $2.700 level against the US Dollar, similar to bitcoin. However, the price is likely to face a strong selling interest near the $2.880 level.
EOS Price Analysis
This week, EOS price followed a bullish path above the $2.650 pivot level against the US Dollar. The price traded above the key $2.760 resistance level and settled nicely above the 55 simple moving average (4-hours).
It traded as high as $2.880 before the bulls lost control. As a result, there was a sharp downside correction below the $2.760 and $2.700 levels. The price even spiked below the key $2.650 support area, but dips remained well bid.
A low is formed near the $2.584 level and the price is currently rising. It surpassed the $2.700 level. Besides, there was a break above the 23.6% Fib retracement level of the recent decline from the $2.880 high to $2.584 low.
There is also a major bullish trend line forming with support near $2.700 on the 4-hours chart of the EOS/USD pair. On the upside, the pair is facing a short-term resistance near the $2.760 level.
If there is a clear break above $2.760 level, the price is likely to revisit the $2.880 high in the near term. Any further gains could lead the price towards the main $3.000 resistance zone.
On the downside, the first major support is seen near the $2.700 level and the trend line. The main support is still near the $2.650 zone. If the price fails to stay above the $2.650 support, there are chances of a sustained downward move.
Looking at the chart, EOS price is clearly preparing for more gains if it clears the $2.760 resistance. To start a major upward move, the bulls need to push the price above the $2.880 resistance zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level.
Major Support Levels – $2.700 and $2.650.
Major Resistance Levels – $2.760 and $2.880.