- EOS started a fresh decline after it failed to clear the $4.300 resistance against the US Dollar.
- The price is currently trading well below the $4.000 support and the 55 simple moving average (4-hours).
- There was a break below a major bullish trend line with support near $4.050 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could correct higher, but it is likely to face sellers near $3.750 and $3.800.
EOS price is showing bearish signs below $4.000 against the US Dollar, similar to bitcoin. The price is likely to continue lower as long as it is below the $3.800 level.
EOS Price Analysis
This week, EOS price made two attempts to gain strength above $4.300 against the US Dollar. However, the bulls failed to gain pace above the $4.300 level, resulting in a fresh bearish reaction.
There was a break below the $4.100 and $4.000 support levels. There was also a break below a major bullish trend line with support near $4.050 on the 4-hours chart of the EOS/USD pair. The pair gained pace below the $3.800 support level.
A low is formed near $3.449, and the price is now trading well below the $4.000 support and the 55 simple moving average (4-hours). An immediate resistance is near the $3.750 and $3.800 levels.
The 50% Fib retracement level of the downward move from the $4.302 high to $3.449 low is the next resistance at $3.875. The next major resistance for the bulls on the upside is near the $3.950 and $4.000 levels.
The 61.8% Fib retracement level of the downward move from the $4.302 high to $3.449 low could also prevent upsides near the $4.000 zone. A clear break above the $3.850 and $4.000 levels could open the doors for a strong increase. The next key resistance is near $4.300, above which the bulls are likely to aim $4.500 or even $5.000.
On the downside, there is a key support forming near $3.450. The next major support is near $3.400, below which the price might dive towards the $3.150 level in the near term.
Looking at the chart, EOS price is clearly trading well below $4.000 and the 55 simple moving average (4-hours). Overall, the price could correct higher, but it is likely to face sellers near $3.750 and $3.800.
4-hours MACD – The MACD for EOS/USD is showing negative signs in the bearish zone.
4-hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.
Major Support Levels – $3.450 and $3.150.
Major Resistance Levels – $3.850 and $4.000.
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Source: Live Bitcoin News