EOS price is struggling below $2.50 against the US Dollar, similar to bitcoin. The price must stay above the $2.15 support zone to start a fresh increase.
EOS Price Analysis
This week, EOS price started a fresh decline from the $2.90 resistance against the US Dollar. The price declined below the $2.50 support zone to move into a bearish zone.
There was a clear move below the $2.35 support zone and a close below the 55 simple moving average (4-hours). The price traded as low as $2.15 and is currently consolidating losses. An immediate resistance is seen near the $2.32 level.
There is also a major bearish trend line forming with resistance near $2.32 on the 4-hours chart of the EOS/USD pair. The trend line is near the 23.6% Fib retracement level of the recent decline from the $2.89 swing high to $2.15 low.
The next major resistance is near the $2.35 level. A clear upside break above the $2.35 resistance could start another steady increase. The next major stop for the bulls may perhaps be near the $2.50 level.
The 50% Fib retracement level of the recent decline from the $2.89 swing high to $2.15 low is also near $2.50. On the downside, the first major support is near the $2.15 level. The next support is now forming near the $2.00 zone.
If there is a downside break below $2.00, the price might drop to $1.88. Any more losses might call for a move towards the $1.65 level in the near term.
Looking at the chart, EOS price is now trading below the $2.50 level and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase if it clears the $2.35 resistance zone in the near term.
4-hours MACD – The MACD for EOS/USD is losing pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Major Support Levels – $2.15 and $2.00.
Major Resistance Levels – $2.35 and $2.50.
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