- EOS seems to be forming a decent support base above the $2.00 level against the US Dollar.
- The price is still trading well below $4.00 and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $4.00 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair is likely to remain in a bearish zone unless there is a clear break above $4.00 and $4.20.
EOS price is struggling to recover above $3.80 against the US Dollar, similar to bitcoin. The price must clear $4.00 to move into a positive zone.
EOS Price Analysis
In the past few days, EOS price saw a major decline from well above $5.00 against the US Dollar. The price traded below many supports near $4.00 to move into a bearish zone.
There was also a break below the $3.50 support level and the 55 simple moving average (4-hours). The price traded as low as $3.05 and it is currently attempting an upside correction. Recently, there was a minor upside correction above the $3.50 level.
The price climbed above the 23.6% Fib retracement level of the key decline from the $5.43 swing high to $3.05 low. It is now consolidating near the $3.60 level. Besides, it is still trading well below $4.00 and the 55 simple moving average (4-hours).
There is also a key bearish trend line forming with resistance near $4.00 on the 4-hours chart of the EOS/USD pair. The next major resistance is near the $4.20 level.
The 50% Fib retracement level of the key decline from the $5.43 swing high to $3.05 low is also near the $4.24 level. Therefore, the price must clear the trend line resistance and then $4.20 to move into a positive zone.
On the downside, an initial support is near the $3.30 level. The next major support is near the $3.00 level. Any more losses might call for a move towards the $2.50 level.
Looking at the chart, EOS price is still trading well below $4.00 and testing the 55 simple moving average (4-hours). Overall, the price is likely to remain in a bearish zone unless there is a clear break above $4.00 and $4.20.
Technical indicators
4-hours MACD – The MACD for EOS/USD is still in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is still well below the 50 level.
Major Support Levels – $3.30 and $3.00.
Major Resistance Levels – $4.00 and $4.20.
