- EOS price started a fresh decline from the $3.90 resistance against the US Dollar.
- The price is now trading just above $3.30 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $3.45 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a major increase if there is a clear move above the $3.45 and $3.50 levels.
EOS price is showing bearish signs below $3.50 against the US Dollar, similar to bitcoin. The price could rally further if there is a clear break above $3.50.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $3.80 resistance zone against the US Dollar. The price traded below the $3.20 level and the 55 simple moving average (4-hours).
The price even spiked below $3.00 and traded as low as $2.98. Recently, there was an upside correction above the $3.20 and $3.25 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $3.893 swing high to $2.980 low.
The price is now trading just above $3.30 and the 55 simple moving average (4-hours). An immediate resistance is near the $3.45 level. There is also a major bearish trend line forming with resistance near $3.45 on the 4-hours chart of the EOS/USD pair.
The 50% Fib retracement level of the downward move from the $3.893 swing high to $2.980 low is also near the trend line. A close above the $3.45 level could open the doors for a steady increase. In the stated case, the price could rise towards the $3.90 level. The next key resistance is near the $4.00 level.
On the downside, the first major support is near the $3.30 level. The main support is now forming near the $3.00 zone. If there is a downside break below the $3.00 support, there could be a move towards the $2.50 support.
Looking at the chart, EOS price is now trading just above $3.30 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear move above the $3.45 and $3.50 levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $3.20 and $3.00.
Major Resistance Levels – $3.50 and $4.00.
