Bulls Face Uphill Task Above $2 –

• EOS price started a fresh increase from the $1.88 zone against the US Dollar.
• The price is now trading below $2.10 and the 55 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $1.975 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• The pair could resume decline if it stays below the $2.10 resistance zone.

EOS price is showing bearish signs below $2.10 against the US Dollar, unlike bitcoin. The price could continue to decline if there is a clear move below $2.00 and $1.95.

EOS Price Analysis

This week, EOS price started a decent recovery wave from the $1.870 swing low against the US Dollar. The price was able to clear the $1.92 and $1.95 resistance levels.

There was a break above a major bearish trend line with resistance near $1.975 on the 4-hours chart of the EOS/USD pair. The pair climbed above the 23.6% Fib retracement level of the key decline from the $2.31 swing high to $1.870 low.

However, the price faced a strong resistance near the $2.10 level and the 55 simple moving average (4-hours). The price also failed near the 50% Fib retracement level of the key decline from the $2.31 swing high to $1.870 low.

It is now moving lower and trading below $2.05. On the downside, the first major support is near the $2.00 level. The next support is now forming near the $1.95 zone. If there is a downside break below $1.95, the price might drop to $1.870. Any more losses might call for a move towards the $1.70 level in the near term.

Conversely, the price could start a fresh increase above $2.05. The next major resistance is near the $2.10 level and the 55 simple moving average (4-hours).

A clear move above the $2.10 resistance could start a major increase. The next major resistance is near $2.28, above which the price could rise to $2.35. Any more gains might send the price towards the $2.50 level or even $2.80.

Looking at the chart, EOS price is now trading below the $2.10 level and the 55 simple moving average (4-hours). Overall, the price could resume decline if it stays below the $2.10 resistance 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 – $2.00 and $1.95.

Major Resistance Levels – $2.10 and $2.28.

Tags: EOS