- EOS gained pace from the $2.575 support and climbed higher against the US Dollar.
- The price is trading above the $2.70 resistance and testing the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $2.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to rise if there is a clear break above the $2.800 resistance zone.
EOS price is showing a few positive signs against the US Dollar, similar to bitcoin. The price is likely to start a strong increase if there is a break above the $2.800 and $2.900 levels.
EOS Price Analysis
EOS price formed a strong support base above the $2.575 and $2.500 levels against the US Dollar. There was a decent increase above the $2.650 and $2.700 resistance levels, and the price is now showing positive signs.
There was also a break above the 50% Fib retracement level of the recent decline from the $2.832 high to $2.575 low. Moreover, there was a break above a key bearish trend line with resistance near $2.700 on the 4-hours chart of the EOS/USD pair
The pair is now trading above the $2.70 resistance and testing the 55 simple moving average (4-hours). It seems like the 55 SMA and the 76.4% Fib retracement level of the recent decline from the $2.832 high to $2.575 low are currently acting as hurdles.
The next major resistance is near the $2.800 level, above which EOS price is likely to start a strong increase. In the stated case, the bulls are likely to aim a clear break above the $2.900 and $3.000 resistance levels in the near term.
Conversely, the price might fail to continue above the $2.800 and $2.900 resistance levels. An initial support on the downside is near the broken trend line at $2.700 level. The first key support is near the $2.665 level, below which the price may perhaps revisit the $2.550 support zone. Any further losses might lead the price towards the $2.400 level.
Looking at the chart, EOS price is clearly attempting an upside break above $2.750 and the 55 simple moving average (4-hours). Overall, the price could continue to rise if there is a clear break above the $2.800 resistance zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.
Major Support Levels – $2.700 and $2.550.
Major Resistance Levels – $2.800 and $2.900.
