- EOS remained in a range below the $2.950 and $3.000 resistance levels against the US Dollar.
- The price is currently trading near the $2.720 support and the 55 simple moving average (4-hours).
- There is a major ascending channel forming with support near $2.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could start a strong rally if it clears the $2.950 and $3.000 resistance levels.
EOS price is trading in a key range below the $3.000 resistance against the US Dollar, while bitcoin is correcting lower. The price could surge if it manages to settle above $3.000.
EOS Price Analysis
After a sharp decline, EOS price found support near the $2.380 level against the US Dollar. A low was formed near $2.373 before the price started an upside correction.
The price recovered above the $2.500 and $2.600 levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $3.935 swing high to $2.372 low. The price even spiked above the $2.800 resistance and the 55 simple moving average (4-hours).
However, the bulls failed to gain strength above the $2.950 and $3.000 resistance levels. It is currently trading near the $2.720 support and the 55 simple moving average (4-hours).
There is also a major ascending channel forming with support near $2.700 on the 4-hours chart of the EOS/USD pair. If there is a downside break below the channel support and $2.650, there is a risk of a drop towards the $2.500 support.
The next major support is near the $2.320 level, below which the price could test the $2.200 zone. Conversely, the bulls might aim a clear break above the $2.950 and $3.000 resistance levels. If there is an upside break above the $3.000 resistance, the price could test the $3.150 resistance.
The 50% Fib retracement level of the key decline from the $3.935 swing high to $2.372 low is at $3.150 to act as a resistance. If the price clears $3.150, it could open the doors for a strong surge towards the $3.500 and $3.650 levels.
Looking at the chart, EOS price is clearly facing a strong resistance near $3.000, but it is holding the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.950 and $3.000 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is just below the 50 level.
Major Support Levels – $2.700 and $2.500.
Major Resistance Levels – $2.950 and $3.000.
