- EOS started a decent recovery wave above the $2.450 and $2.500 resistance levels against the US Dollar.
- The price is trading nicely above $2.550 and the 55 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $2.575 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could accelerate higher if there is a clear break above the $2.650 resistance zone.
EOS price is slowly moving in the positive zone above $2.550 against the US Dollar, similar to bitcoin. The price could continue to recover if it settles above $2.650.
EOS Price Analysis
EOS price formed a strong support base above $2.400 and started a steady recovery against the US Dollar. There was a break above the $2.500 resistance zone to start the current upward move.
There was also a break above a crucial bearish trend line with resistance near $2.575 on the 4-hours chart of the EOS/USD pair. The pair is now trading nicely above $2.550 and the 55 simple moving average (4-hours).
EOS spiked above the $2.600 level, but it failed to gain strength. A high is formed near $2.632 and the price is currently correcting lower. There was a break below the 23.6% Fib retracement level of the recent upward move from the $2.393 low to $2.632 high.
However, the price is holding the $2.550 support level and the 55 simple moving average (4-hours). It is also well above the 50% Fib retracement level of the recent upward move from the $2.393 low to $2.632 high.
On the upside, the price is facing a strong resistance near the $2.630 and $2.650 levels. A successful close above the $2.650 resistance could open the doors for a larger upward move in the coming sessions. The next major resistance is seen near the $2.800 level.
Conversely, the price could fail to clear the $2.650 resistance. An initial support on the downside is near the $2.550 level. The first key support is near the $2.500 level, below which the price may perhaps revisit the $2.400 support zone.
Looking at the chart, EOS price is clearly trading nicely above $2.550 and the 55 simple moving average (4-hours). Overall, the price could accelerate higher if there is a clear break above the $2.650 resistance zone.
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 – $2.550 and $2.500.
Major Resistance Levels – $2.650 and $2.800.
