- EOS struggled to continue higher above $2.627 and declined recently against the US Dollar.
- The price is currently trading above the $2.435 support and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $2.552 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a strong rally if it clears the $2.552 and $2.620 resistance levels in the near term.
EOS price is struggling to gain bullish momentum above $2.600 against the US Dollar, while bitcoin is placed nicely above $15.5k. The price must stay above $2.435 support to start a fresh increase.
EOS Price Analysis
In the past few days, EOS price gained pace above the $2.400 zone against the US Dollar. The price broke the $2.500 resistance level and settled well above the 55 simple moving average (4-hours).
The price even spiked above the $2.600 level, but it struggled to continue higher above $2.627. As a result, there was a downside correction below the $2.550 support level. The price traded below the 23.6% Fib retracement level of the upward move from the $2.237 low to $2.627 high.
However, the bulls are protecting the $2.450 and $2.435 support levels. The 50% Fib retracement level of the upward move from the $2.237 low to $2.627 high is also near the $2.412 level.
The price is now consolidating above the $2.435 support and the 55 simple moving average (4-hours). On the upside, there is a key bearish trend line forming with resistance near $2.552 on the 4-hours chart of the EOS/USD pair.
To start a fresh increase, the price must break the trend line resistance. The next key resistance is near the $2.620 zone, above which the bulls are likely to gain strength.
Conversely, the price might dive below the $2.435 support and the 55 simple moving average (4-hours). In the stated case, the price is likely to decline towards the $2.350 support. The next major support is near the $2.250 level.
Looking at the chart, EOS price is clearly holding the key $2.435 support and the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.552 and $2.620 resistance levels in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.
Major Support Levels – $2.435 and $2.350.
Major Resistance Levels – $2.552 and $2.620.
