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EOS Price Analysis: Bulls Likely Eyeing Fresh Rally Above $3

Summary:
EOS remained in a range below the .950 and .000 resistance levels against the US Dollar.The price is currently trading near the .720 support and the 55 simple moving average (4-hours).There is a major ascending channel forming with support near .700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).The pair could start a strong rally if it clears the .950 and .000 resistance levels.EOS price is trading in a key range below the .000 resistance against the US Dollar, while bitcoin is correcting lower. The price could surge if it manages to settle above .000.EOS Price AnalysisAfter a sharp decline, EOS price found support near the .380 level against the US Dollar. A low was formed near .373 before the price started an upside correction.The price recovered

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  • EOS remained in a range below the $2.950 and $3.000 resistance levels against the US Dollar.
  • The price is currently trading near the $2.720 support and the 55 simple moving average (4-hours).
  • There is a major ascending channel forming with support near $2.700 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
  • The pair could start a strong rally if it clears the $2.950 and $3.000 resistance levels.

EOS price is trading in a key range below the $3.000 resistance against the US Dollar, while bitcoin is correcting lower. The price could surge if it manages to settle above $3.000.

EOS Price Analysis

After a sharp decline, EOS price found support near the $2.380 level against the US Dollar. A low was formed near $2.373 before the price started an upside correction.

The price recovered above the $2.500 and $2.600 levels. There was also a break above the 23.6% Fib retracement level of the key decline from the $3.935 swing high to $2.372 low. The price even spiked above the $2.800 resistance and the 55 simple moving average (4-hours).

However, the bulls failed to gain strength above the $2.950 and $3.000 resistance levels. It is currently trading near the $2.720 support and the 55 simple moving average (4-hours).

There is also a major ascending channel forming with support near $2.700 on the 4-hours chart of the EOS/USD pair. If there is a downside break below the channel support and $2.650, there is a risk of a drop towards the $2.500 support.

The next major support is near the $2.320 level, below which the price could test the $2.200 zone. Conversely, the bulls might aim a clear break above the $2.950 and $3.000 resistance levels. If there is an upside break above the $3.000 resistance, the price could test the $3.150 resistance.

The 50% Fib retracement level of the key decline from the $3.935 swing high to $2.372 low is at $3.150 to act as a resistance. If the price clears $3.150, it could open the doors for a strong surge towards the $3.500 and $3.650 levels.

EOS Price

EOS Price

Looking at the chart, EOS price is clearly facing a strong resistance near $3.000, but it is holding the 55 simple moving average (4-hours). Overall, the price could start a strong rally if it clears the $2.950 and $3.000 resistance levels.

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 just below the 50 level.

Major Support Levels – $2.700 and $2.500.

Major Resistance Levels – $2.950 and $3.000.

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