EOS Price Analysis: Break Above $3 Is The Key

EOS price is showing bearish signs below $2.80 against the US Dollar, similar to bitcoin. The price could recover if there is a clear break above $3.00.

EOS Price Analysis

This past week, EOS price remained in a bearish zone below the $3.00 resistance zone against the US Dollar. The price traded below the $2.85 level and the 55 simple moving average (4-hours).

The price traded below the $2.75 level to move into a bearish zone. It is now trading below $2.80 and the 55 simple moving average (4-hours). There was a clear move below the 50% Fib retracement level of the upward move from the $2.57 swing low to $2.960 high.

It is now consolidating near the $2.70 level. The 61.8% Fib retracement level of the upward move from the $2.57 swing low to $2.960 high is also near the $2.70 level.

On the downside, the first major support is near the $2.70 level. The next support is now forming near the $2.65 zone, below which there is a risk of a sharp move towards the $2.50 support. Any more losses might call for a move towards the $2.30 level in the near term.

An initial resistance on the upside is near the $2.80 level. There is also a key bearish trend lien forming with resistance near $2.82 on the 4-hours chart of the EOS/USD pair.

A clear move above the $2.82 level is needed to gain bullish momentum in the near term. The next major resistance is near $3.00, above which the price could move into a bullish zone.

EOS Price

Looking at the chart, EOS price is now trading below $2.80 and the 55 simple moving average (4-hours). Overall, the price could extend decline if there is a clear break below the $2.70 support zone.

Technical indicators

4-hours MACD – The MACD for EOS/USD is gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Major Support Levels – $2.70 and $2.65.

Major Resistance Levels – $2.82 and $3.00.

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