EOS started a strong decline below the .000 support zone against the US Dollar.The price is currently trading below the .900 pivot level and the 55 simple moving average (4-hours).There is a key bearish trend line forming with resistance near .840 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could continue to move down as long as it is below the .850 and .900 resistance levels.EOS price is facing a lot of hurdles on the upside near .900 against the US Dollar, similar to bitcoin. The price could retest .500 as long as it is below .900 and .000.EOS Price AnalysisIn the past few days, EOS price followed a bearish path below the .000 resistance zone against the US Dollar. The price even settled below the .900 pivot level and the 55 simple
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- EOS started a strong decline below the $3.000 support zone against the US Dollar.
- The price is currently trading below the $2.900 pivot level and the 55 simple moving average (4-hours).
- There is a key bearish trend line forming with resistance near $2.840 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move down as long as it is below the $2.850 and $2.900 resistance levels.
EOS price is facing a lot of hurdles on the upside near $2.900 against the US Dollar, similar to bitcoin. The price could retest $2.500 as long as it is below $2.900 and $3.000.
EOS Price Analysis
In the past few days, EOS price followed a bearish path below the $3.000 resistance zone against the US Dollar. The price even settled below the $2.900 pivot level and the 55 simple moving average (4-hours).
The decline gained pace below the $2.750 level and the price traded as low as $2.662. Recently, there was an upside correction above the $2.700 level. The price corrected above the 23.6% Fib retracement level of the recent decline from the $3.036 high to $2.662 low.
However, the price is facing a strong resistance near the $2.850 and $2.900 levels. There is also a key bearish trend line forming with resistance near $2.840 on the 4-hours chart of the EOS/USD pair.
The trend line is close to the 50% Fib retracement level of the recent decline from the $3.036 high to $2.662 low. The next major resistance is near the $2.900, above which the price is likely to face a strong selling interest near the $2.950 level and the 55 simple moving average (4-hours).
To move into a positive zone, the price must surpass $2.900, and then settle above the 55 simple moving average (4-hours). If not, there is a risk of more losses below the $2.700 support level.
An initial support is near the $2.650 level. A clear break below the recent low and $2.650 might lead the price towards the $2.500 support level.
EOS Price
Looking at the chart, EOS price is clearly trading in a bearish zone below the $2.900 level and the 55 simple moving average (4-hours). Overall, the price could continue to move down as long as it is below the $2.850 and $2.900 resistance levels.
Technical indicators
4-hours MACD – The MACD for EOS/USD is struggling to gain momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is now just below the 40 level.
Major Support Levels – $2.700 and $2.650.
Major Resistance Levels – $2.900 and $3.000.