- EOS started a strong upward move from the $2.500 support level against the US Dollar.
- The price is currently trading above $2.600 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $2.560 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to rise towards the $2.720 and $2.800 resistance levels in the near term.
EOS price is showing positive signs above the $2.600 level against the US Dollar, similar to bitcoin. The price could continue to rise as long as it is above $2.550.
EOS Price Analysis
This past week, EOS price formed a strong support base above the $2.500 and $2.520 levels against the US Dollar. The price started a fresh increase after surpassing the $2.550 resistance level.
Moreover, there was a break above a major bearish trend line with resistance near $2.560 on the 4-hours chart of the EOS/USD pair. It opened the doors for more gains above the $2.600 level and the 55 simple moving average (4-hours).
During the rise, there was a break above the 50% Fib retracement level of the key decline from the $2.721 high to $2.492 low. The price is now facing resistance near the $2.650 level.
It seems like the 76.4% Fib retracement level of the key decline from the $2.721 high to $2.492 low is acting as a resistance. A clear break above the $2.650 resistance level might open the doors for a decent increase towards the $2.720 resistance.
Any further gains could set the pace for a push towards the $2.800 and $2.850 resistance levels. Conversely, the price start a downside correction below the $2.600 support. An initial support on the downside is near the $2.580 level.
The first major support is near the broken trend line, $2.550, and the 55 simple moving average (4-hours). Any further losses could lead the price towards the main $2.500 support level in the near term.
Looking at the chart, EOS price is clearly trading in a nice uptrend above the $2.600 level and the 55 simple moving average (4-hours). Overall, the price could continue to rise towards the $2.720 and $2.800 resistance levels in the near term.
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 well above the 50 level.
Major Support Levels – $2.580 and $2.550.
Major Resistance Levels – $2.650 and $2.720.
