- EOS price started a fresh increase above the $2.45 resistance zone against the US Dollar.
- The price is now trading above $2.50 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $2.45 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could extend increase if it stays above the $2.45 support zone.
EOS price is showing bullish signs above $2.50 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 above the $2.25 resistance zone against the US Dollar. There was also a close above the $2.50 level and the 55 simple moving average (4-hours).
The price even surged above the $2.70 level. A high is formed near $2.770 and the price is now correcting gains. It already spiked below the 23.6% Fib retracement level of the upward move from the $2.230 swing low to $2.770 low.
However, it is trading above $2.50 and the 55 simple moving average (4-hours). On the downside, the first major support is near the $2.50 level. It is near the 50% Fib retracement level of the upward move from the $2.230 swing low to $2.770 low.
The next support is now forming near the $2.450 zone. There is also a key bullish trend line forming with support near $2.45 on the 4-hours chart of the EOS/USD pair. If there is a downside break below $2.45, the price might drop to $2.35.
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 $2.70 level. The main resistance is still near the $2.80 level.
A clear move above the $2.80 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.00, above which the price could rise to $3.20.
Looking at the chart, EOS price is now trading above $2.30 and the 55 simple moving average (4-hours). Overall, the price could extend increase if it stays above the $2.45 support 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 – $2.50 and $2.45.
Major Resistance Levels – $2.70 and $2.80.
