- EOS started a strong increase above the $2.700 resistance zone against the US Dollar.
- The price is currently trading above the $3.000 resistance level and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $2.850 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move higher as long as it is above the $2.800 support zone.
EOS price started a fresh increase above the $2.700 and $2.800 levels against the US Dollar, similar to bitcoin. The price could continue to grind higher towards the $3.300 and $3.500 levels.
EOS Price Analysis
After forming a support base near the $2.650 zone, EOS price started a fresh increase against the US Dollar. Bitcoin price surged above the $20,000 level, sparking a sharp increase in EOS above $2.700.
There was a clear break above the $2.800 resistance level and the 55 simple moving average (4-hours). Moreover, there was a break above a crucial bearish trend line with resistance near $2.850 on the 4-hours chart of the EOS/USD pair.
The pair even surged above the 50% Fib retracement level of the key decline from the $3.340 high to $2.646 low. It opened the doors for more gains above the $3.000 resistance level.
The next key resistance is near the $3.180 level. It is close to the 76.4% Fib retracement level of the key decline from the $3.340 high to $2.646 low. A clear break above the $3.180 and $3.200 resistance levels could open the doors for another increase.
In the stated case, EOS price might rise steadily towards the $3.300 level. The next major resistance is seen near the $3.500 level. Conversely, the price might correct lower from $3.180 or $3.200.
An initial support is near the $3.000 level. A clear break below the $3.000 support level might call for an extended downside correction towards the $2.800 support level.
Looking at the chart, EOS price is clearly trading in a positive zone above the $3.000 level and the 55 simple moving average (4-hours). Overall, the price could continue to move higher as long as it is above the $2.800 support zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently well above the 50 level.
Major Support Levels – $3.000 and $2.800.
Major Resistance Levels – $3.180 and $3.200.