- EOS price started a fresh decline from the $2.85 zone against the US Dollar.
- The price is now trading below $2.50 and the 55 simple moving average (4-hours).
- There is a major rising channel forming with support near $2.10 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could extend decline if there is a clear break below the $2.00 support zone.
EOS price is showing bearish signs below $2.20 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $2.50.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $2.85 resistance zone against the US Dollar. The price traded below the $2.50 level and the 55 simple moving average (4-hours).
The price traded below the $2.32 level to move into a bearish zone. It is now trading below $2.20 and the 55 simple moving average (4-hours). A low was formed near $1.990 and the price recently started an upside correction.
There was a recovery wave above the $2.05 and $2.10 levels. The price even spiked above the 23.6% Fib retracement level of the downward move from the $2.85 swing high to $1.99 low.
An initial resistance on the upside is near the $2.30 level. A clear move above the $2.30 level is needed to gain bullish momentum in the near term. The next major resistance is near $2.50. It is near the 50% Fib retracement level of the downward move from the $2.85 swing high to $1.99 low.
A clear move above the $2.50 resistance could start a major increase. On the downside, the first major support is near the $2.10 level. There is also a major rising channel forming with support near $2.10 on the 4-hours chart of the EOS/USD pair.
The next support is now forming near the $2.00 zone, below which there is a risk of a sharp move towards the $1.85 support. Any more losses might call for a move towards the $1.65 level in the near term.
Looking at the chart, EOS price is now trading below $2.30 and the 55 simple moving average (4-hours). Overall, the price could extend decline if there is a clear break below the $2.00 support zone.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $2.10 and $2.00.
Major Resistance Levels – $2.30 and $2.50.
