EOS started a strong decline from well above the .800 support zone against the US Dollar.The price is currently correcting higher from .000, but it is well below the 55 simple moving average (4-hours).There was a break below a major bullish trend line with support at .000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could continue to move lower as long as it is below the .650 resistance level.EOS price started a fresh decline below .800 and .650 against the US Dollar, similar to bitcoin. The price could resume its decline unless there is a clear break above .650.EOS Price AnalysisAfter struggling to clear the .000 resistance level, EOS price started a fresh decline against the US Dollar. There was a sharp decline below the .800 support level
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- EOS started a strong decline from well above the $2.800 support zone against the US Dollar.
- The price is currently correcting higher from $2.000, but it is well below the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support at $3.000 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could continue to move lower as long as it is below the $2.650 resistance level.
EOS price started a fresh decline below $2.800 and $2.650 against the US Dollar, similar to bitcoin. The price could resume its decline unless there is a clear break above $2.650.
EOS Price Analysis
After struggling to clear the $3.000 resistance level, EOS price started a fresh decline against the US Dollar. There was a sharp decline below the $2.800 support level and the 55 simple moving average (4-hours) to start the current decline.
The bears were able to push the price below the $2.650 and $2.500 support levels. During the decline, there was a break below a major bullish trend line with support at $3.000 on the 4-hours chart of the EOS/USD pair. The price even spiked below $2.200 and tested the $2.000 support level.
A low is formed near $1.979 and the price is currently correcting higher. It recovered above the $2.300 resistance level. There was a break above the 23.6% Fib retracement level of the recent decline from the $3.338 high to $1.979 low.
The price is now trading above the $2.320 level. An initial resistance on the upside is near the $2.500 level. The first major resistance is near the $2.650 level (the recent breakdown zone).
The 50% Fib retracement level of the recent decline from the $3.338 high to $1.979 low is also near the $2.650 level to act as a barrier. A close above the $2.650 level is needed to start a fresh increase in the near term. Conversely, there is a risk of a fresh decline below the $2.250 level.
An initial support is near the $2.200 level. A clear break below the $2.200 support level might lead the price back towards the $2.000 support level.
EOS Price
Looking at the chart, EOS price is clearly currently correcting higher from $2.000, but it is well below the 55 simple moving average (4-hours). Overall, the price could resume lower as long as it is below the $2.650 resistance level.
Technical indicators
4-hours MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently correcting higher from the 25 level.
Major Support Levels – $2.200 and $2.000.
Major Resistance Levels – $2.500 and $2.650.