- EOS price started a recovery wave above the $2.50 resistance zone against the US Dollar.
- The price is now trading above $2.75 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $2.68 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could resume increase if it clears the $2.89 resistance zone in the near term.
EOS price is showing bullish signs above $2.75 against the US Dollar, similar to bitcoin. The price could continue to move up if it clears the $2.89 resistance.
EOS Price Analysis
This week, EOS price started a recovery wave from the $2.30 low against the US Dollar. The price was able to clear the $2.50 resistance zone to move into a bullish zone.
There was a break above a major bearish trend line with resistance near $2.68 on the 4-hours chart of the EOS/USD pair. The pair is now trading above $2.75 and the 55 simple moving average (4-hours). It traded as high as $2.89 and is currently consolidating gains.
An immediate resistance is seen near the $2.89 level. The next major resistance is near the $3.00 level. A clear upside break above the $3.00 resistance could start another steady increase.
The next major stop for the bulls may perhaps be near the $3.12 level. On the downside, the first major support is near the $2.75 level. It is near the 23.6% Fib retracement level of the recent increase from the $2.30 swing low to $2.89 high.
The next support is now forming near the $2.60 zone. It is close to the 50% Fib retracement level of the recent increase from the $2.30 swing low to $2.89 high.
If there is a downside break below $2.60, the price might drop to $2.50. Any more losses might call for a move towards the $2.30 level in the near term.
Looking at the chart, EOS price is now trading above the $2.75 level and the 55 simple moving average (4-hours). Overall, the price could resume increase if it clears the $2.89 resistance zone in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $2.75 and $2.60.
Major Resistance Levels – $2.89 and $3.00.
