- EOS price started a fresh increase above the $2.00 zone against the US Dollar.
- The price is now trading above $2.10 and the 55 simple moving average (4-hours).
- There was a break above a key bearish trend line with resistance near $2.18 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could gain bullish momentum if there is a clear move above the $2.30 level.
EOS price is showing bullish signs above $2.10 against the US Dollar, similar to bitcoin. The price could continue to rise if it settles above the $2.30 resistance zone.
EOS Price Analysis
This week, EOS price started a decent increase above the $2.05 resistance against the US Dollar. The price gained pace for a move above the $2.15 resistance level.
There was a break above a key bearish trend line with resistance near $2.18 on the 4-hours chart of the EOS/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $2.60 swing high to $1.88 low.
There was a decent move above the $2.20 level and the 55 simple moving average (4-hours). However, the price struggled to clear the $2.30 resistance zone.
It is also near the 50% Fib retracement level of the key decline from the $2.60 swing high to $1.88 low. A clear move above the $2.30 resistance could start a major increase. The next major resistance is near $2.40, above which the price could rise to $2.55. Any more gains might send the price towards the $2.72 level or even $2.80.
On the downside, the first major support is near the $2.15 level and the 55 simple moving average (4-hours). The next support is now forming near the $2.10 zone.
If there is a downside break below $2.10, the price might drop to $2.00. Any more losses might call for a move towards the $1.90 level in the near term.
Looking at the chart, EOS price is now trading above the $2.10 level and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if there is a clear move above the $2.30 level.
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 near the 50 level.
Major Support Levels – $2.15 and $2.10.
Major Resistance Levels – $2.30 and $2.40.
