EOS price is currently facing an increase in selling pressure against the US Dollar, similar to bitcoin. The price is likely to continue lower towards the $2.300 levels.
EOS Price Analysis
This past week, EOS price started a decent increase above the $2.400 levels against the US Dollar. The price gained pace and traded above the $2.500 and $2.600 levels.
There was also a close above the $2.500 level and the 55 simple moving average (4-hours). However, the price struggled to remain stable above the $2.650 and $2.700 levels. A high was formed near $2.744 and the price recently started a fresh decline.
There was a break below the $2.600 level. Besides, the price traded below the 23.6% Fib retracement level of the upward move from the $2.171 low to $2.744 high. There was also a break below a key ascending channel with support near $2.640 on the 4-hours chart of the EOS/USD pair.
The price is now trading near the $2.580 level and the 55 simple moving average (4-hours). The next key support is visible near the $2.450 level. It is close to the 50% Fib retracement level of the upward move from the $2.171 low to $2.744 high.
If there is a downside break below the $2.450 support, there is a risk of bearish continuation. The next major supports on the downside are visible near the $2.300 and $2.200 levels. Any further losses may perhaps lead the price towards the $2.000 support.
Conversely, the price could make another attempt to climb above the $2.650 and $2.700 resistance levels. To continue higher, the bulls need to gain strength above $2.700 and then clear $2.820. The next key resistance is near the $3.000 level.
Looking at the chart, EOS price is clearly showing a few bearish signs below $2.650 and $2.700. Therefore, there are chances of more losses towards $2.300 as long as it is below $2.700.
4-hours MACD – The MACD for EOS/USD is gaining momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently near the 45 level.
Major Support Levels – $2.450 and $2.300.
Major Resistance Levels – $2.700 and $2.820.
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