- EOS price started a fresh decline from well above $4.80 against the US Dollar.
- The price is now trading below $4.50 and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $4.80 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could accelerate lower if there is a close below $4.00 and $3.85.
EOS price is showing bearish signs below $4.50 against the US Dollar, similar to bitcoin. The price remains at a risk of more downsides below $3.85.
EOS Price Analysis
This week, EOS price attempted an upside break above the $5.00 level against the US Dollar. The price formed a high near $5.08 before it started a fresh decline.
There was a sharp decline below the $4.50 support and the 55 simple moving average (4-hours). There was also a break below a major bullish trend line with support near $4.80 on the 4-hours chart of the EOS/USD pair.
The pair even spiked below the $4.00 support level. A low is formed near $3.86 and it is now consolidating losses. There was a recovery wave above the $4.10 level. The price corrected above the 23.6% Fib retracement level of the downward move from the $5.086 swing high to $3.867 low.
The price is now trading below $4.50 and the 55 simple moving average (4-hours). An immediate resistance is near the $4.28 level. The first key resistance is near the $4.50 level.
It is near the 50% Fib retracement level of the downward move from the $5.086 swing high to $3.867 low. A close above the $4.50 level could open the doors for a steady increase. In the stated case, the price could rise towards the $5.00 level. The next key resistance is near the $5.05 level.
On the downside, the first major support is near the $4.00 level. The main support is now forming near the $3.85 zone. If there is a downside break below the $3.85 support, there could be a move towards the $3.65 support.
Looking at the chart, EOS price is now trading below $4.50 and the 55 simple moving average (4-hours). Overall, the price could accelerate lower if there is a close below $4.00 and $3.85.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing pace in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.
Major Support Levels – $4.00 and $3.85.
Major Resistance Levels – $4.28 and $4.50.
