HomeAltcoin NewsEOS Price Analysis: Fresh Increase If It Clears $2.35

EOS Price Analysis: Fresh Increase If It Clears $2.35

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  • EOS price started a fresh decline from the $2.90 resistance zone against the US Dollar.
  • The price is now trading below $2.50 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $2.32 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $2.35 resistance zone in the near term.

EOS price is struggling below $2.50 against the US Dollar, similar to bitcoin. The price must stay above the $2.15 support zone to start a fresh increase.

EOS Price Analysis

This week, EOS price started a fresh decline from the $2.90 resistance against the US Dollar. The price declined below the $2.50 support zone to move into a bearish zone.

There was a clear move below the $2.35 support zone and a close below the 55 simple moving average (4-hours). The price traded as low as $2.15 and is currently consolidating losses. An immediate resistance is seen near the $2.32 level.

There is also a major bearish trend line forming with resistance near $2.32 on the 4-hours chart of the EOS/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2.89 swing high to $2.15 low.

The next major resistance is near the $2.35 level. A clear upside break above the $2.35 resistance could start another steady increase. The next major stop for the bulls may perhaps be near the $2.50 level.

The 50% Fib retracement level of the recent decline from the $2.89 swing high to $2.15 low is also near $2.50. On the downside, the first major support is near the $2.15 level. The next support is now forming near the $2.00 zone.

If there is a downside break below $2.00, the price might drop to $1.88. Any more losses might call for a move towards the $1.65 level in the near term.

EOS Price
EOS Price

Looking at the chart, EOS price is now trading below the $2.50 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $2.35 resistance zone in the near term.

Technical indicators

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

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

Major Support Levels – $2.15 and $2.00.

Major Resistance Levels – $2.35 and $2.50.

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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