- EOS price started a fresh increase from the $1.920 low 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 major bearish trend line with resistance near $2.10 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could extend its increase if it clears the $2.30 resistance zone in the near term.
EOS price is gaining pace above $2.10 against the US Dollar, similar to bitcoin. The price must stay above the $2.05 support zone to continue higher in the near term.
EOS Price Analysis
This week, EOS price extended decline below the $2.00 support against the US Dollar. The price declined below the $1.95 before it found support.
The price traded as low as $1.920 and recently started an upside correction. There was a clear move above the $2.00 resistance and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $2.10 on the 4-hours chart of the EOS/USD pair.
The bulls pumped the price above the 50% Fib retracement level of the main decline from the $2.38 swing high to $1.92 low. It is now facing resistance near the $2.24 and $2.25 levels.
The 76.4% Fib retracement level of the main decline from the $2.38 swing high to $1.92 low is also near the $2.27 level. The first major resistance is near the $2.30 level. To start a fresh increase, the price must clear $2.30 and $2.32. In the stated case, the price could rise towards $2.40.
The next key resistance could be $2.65. On the downside, an immediate support is near the $2.20 level and the 55 simple moving average (4-hours). The next key support is near the $2.02 level.
If there is a downside break below the $2.02 support, the price could continue to move down towards the $1.92 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 extend its increase if it clears the $2.30 resistance zone in the near term.
Technical indicators
4-hours MACD – The MACD for EOS/USD is gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $2.15 and $2.02.
Major Resistance Levels – $2.27 and $2.30.
