- EOS price started a decent recovery from the $3.00 zone against the US Dollar.
- The price is now trading just above $3.30 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $3.25 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a major increase if the bulls gain strength above the $3.45 and $3.50 levels.
EOS price is showing positive signs above $3.20 against the US Dollar, similar to bitcoin. The price could rally if there is a clear break above $3.45.
EOS Price Analysis
This past week, EOS price remained in a bearish zone below the $3.50 resistance zone against the US Dollar. The price traded below the $3.30 level and the 55 simple moving average (4-hours).
However, the bulls remained active near the $3.00 level. The last major swing low was near $2.98 and the price is now recovering higher. There was a clear move above the $3.20 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $3.892 swing high to $2.980 low.
Besides, there was a break above a major bearish trend line with resistance near $3.25 on the 4-hours chart of the EOS/USD pair. The pair is now trading just above $3.30 and the 55 simple moving average (4-hours).
An immediate resistance is near the $3.45 level. The 50% Fib retracement level of the downward move from the $3.892 swing high to $2.980 low is also near $3.45. A close above the $3.45 level could open the doors for a steady increase.
In the stated case, the price could even surge above the $3.50 level. The next key resistance is near the $3.80 level. On the downside, the first major support is near the $3.30 level. The main support is now forming near the $3.05 zone, below which there is a risk of a sharp move towards the $2.50 support.
Looking at the chart, EOS price is now trading above $3.30 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if the bulls gain strength above the $3.45 and $3.50 levels.
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 above the 50 level.
Major Support Levels – $3.30 and $3.00.
Major Resistance Levels – $3.50 and $4.00.
