- EOS price started a fresh decline from the $5.00 resistance against the US Dollar.
- The price is now trading below $4.40 and the 55 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $4.30 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a major increase if there is a clear break above the $4.30 resistance.
EOS price is showing bearish signs below $4.30 against the US Dollar, similar to bitcoin. The price could decline further if there is a clear break below $4.00.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $4.50 resistance zone against the US Dollar. The price even traded below the $4.30 level and the 55 simple moving average (4-hours).
There was also a push below the $4.20 support. The price even spiked below $4.00 and traded as low as $3.94. It is now consolidating losses above the $4.00 level. An immediate resistance is near the $4.20 level. It is close to the 23.6% Fib retracement level of the downward move from the $5.09 swing high to $3.94 low.
The first key resistance is near the $4.25 level and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $4.30 on the 4-hours chart of the EOS/USD pair.
A close above the $4.25 level could open the doors for a steady increase. In the stated case, the price could rise towards the $4.40 level. The next key resistance is near the $4.50 level. It is close to the 50% Fib retracement level of the downward move from the $5.09 swing high to $3.94 low.
On the downside, the first major support is near the $4.05 level. The main support is now forming near the $4.00 zone. If there is a downside break below the $4.00 support, there could be a move towards the $3.60 support.
Looking at the chart, EOS price is now trading below $4.40 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $4.30 resistance.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now near the 50 level.
Major Support Levels – $4.05 and $4.00.
Major Resistance Levels – $4.25 and $4.40.
