EOS Price Analysis: Bearish Below $2, Bears In Control

EOS price started a fresh decline from well above the $2.50 zone against the US Dollar.
The price is now trading below $2.20 and the 55 simple moving average (4-hours).
There is a key bearish trend line forming with resistance near $2.12 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
The pair could extend decline if it settles 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 continue to decline if it settles below the $2.00 support zone.

EOS Price Analysis

This past week, EOS price saw a fresh decline from well above $2.25 against the US Dollar. The price gained bearish momentum below the $2.12 and $2.05 support levels.

There was also a move below the $2.00 level and the 55 simple moving average (4-hours). A low is formed near $1.930 and the price is now consolidating losses. An initial resistance on the upside is near the $2.00 level. The first major resistance is forming near the $2.08 level.

It is near the 23.6% Fib retracement level of the key decline from the $2.59 swing high to $1.93 low. There is also a key bearish trend line forming with resistance near $2.12 on the 4-hours chart of the EOS/USD pair.

A clear move above the trend line might send the price to $2.25. The 50% Fib retracement level of the key decline from the $2.59 swing high to $1.93 low is also near the $2.25 resistance zone. The next major resistance is near $2.30, above which the price could rise to $2.50.

On the downside, the first major support is near the $1.92 level. The next support is now forming near the $1.85 zone. If there is a downside break below $1.85, the price might drop to $1.65. Any more losses might call for a move towards the $1.50 level in the near term.

Looking at the chart, EOS price is now trading below $2.05 and the 55 simple moving average (4-hours). Overall, the price could extend decline if it settles below the $2.00 support zone.