- EOS price started a fresh increase above the $2.40 resistance zone against the US Dollar.
- The price is now trading near $2.50 and the 55 simple moving average (4-hours).
- There is a short-term rising channel forming with support near $2.48 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could extend increase if it clears the $2.60 resistance zone.
EOS price is showing bullish signs above $2.45 against the US Dollar, similar to bitcoin. The price could continue to rise unless there is a clear move below $2.45.
EOS Price Analysis
This past week, EOS price saw a decent increase from the $2.32 support zone against the US Dollar. The price was able to clear the $2.40 and $2.42 resistance levels.
The price spiked above the $2.50 level and the 55 simple moving average (4-hours). Besides, there was a move above the 50% Fib retracement level of the key decline from the $2.77 swing high to $2.31 low. However, the price faced a strong resistance near the $2.60 level.
It struggled to clear the 61.8% Fib retracement level of the key decline from the $2.77 swing high to $2.31 low. It is now consolidating near $2.50 and the 55 simple moving average (4-hours). On the downside, the first major support is near the $2.48 level.
There is also a short-term rising channel forming with support near $2.48 on the 4-hours chart of the EOS/USD pair. The next support is now forming near the $2.450 zone. If there is a downside break below $2.45, the price might drop to $2.32.
Any more losses might call for a move towards the $2.25 level in the near term. An initial resistance on the upside is near the $2.55 level. The main resistance is still near the $2.60 level.
A clear move above the $2.60 level is needed to gain bullish momentum in the near term. The next major resistance is near $2.76, above which the price could rise to $3.00.
Looking at the chart, EOS price is now trading near $2.50 and the 55 simple moving average (4-hours). Overall, the price could extend increase if it clears the $2.60 resistance zone.
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 above the 50 level.
Major Support Levels – $2.45 and $2.32.
Major Resistance Levels – $2.60 and $2.76.
