EOS price is showing a few recovery signs against the US Dollar, similar to bitcoin. The price must surpass the $2.850 and $3.000 resistance levels to start a decent upward move.
EOS Price Analysis
EOS price declined sharply below the $3.200 and $3.000 support levels against the US Dollar. There was a break below the $2.850 support level and a close below the 55 simple moving average (4-hours).
The price tested the $2.500 support and it recently started an upside correction. It is now consolidating losses in a range above the $2.665 support. There was a break above 23.6% Fib retracement level of the downward move from the $3.558 high to $2.501 low.
Moreover, there was a break above a crucial bearish trend line with resistance near $2.750 on the 4-hours chart of the EOS/USD pair. The pair is now facing many hurdles near $2.850, $3.000, and the 55 simple moving average (4-hours).
The first resistance is near the $2.850 level, above which the price might test the 55 simple moving average (4-hours). The next major resistance is near the $3.000 level. It is close to the 50% Fib retracement level of the downward move from the $3.558 high to $2.501 low.
A successful close above the $3.000 resistance zone must clear the path for more upsides in the near term. In the stated case, the price is likely to accelerate higher towards the $3.150 and $3.250 levels.
Conversely, the price might continue to move down below the $2.650 support. The next key support is near the $2.500 level, below which the price may perhaps start a strong decline towards the $2.400 and $2.250 levels.
Looking at the chart, EOS price is clearly consolidating losses in a range above the $2.665 support. Overall, the price must clear $2.850, $3.000, and the 55 simple moving average (4-hours) for a fresh increase.
4-hours MACD – The MACD for EOS/USD is struggling to gain pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is moving towards the 50 level.
Major Support Levels – $2.650 and $2.500.
Major Resistance Levels – $2.850 and $3.000.
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