- EOS price is declining and it recently traded below the $2.620 support against the US Dollar.
- The price is now trading above the $2.500 and $2.520 support levels.
- There is a major bearish trend line forming with resistance near $2.720 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could struggle to stay above $2.500 and it might test the $2.360 support.
EOS price is slowly moving into a bearish zone against the US Dollar and bitcoin. The price is likely to struggle near $2.650 and it might even trade below $2.500.
EOS Price Analysis
As a result, there was a fresh decline and the price broke the $2.650 and $2.620 support levels. Moreover, there was a close below $2.620 and the 55 simple moving average (4-hours).
It opened the doors for more downsides and the price traded as low as $2.524. It is currently consolidating above the $2.520 and $2.500 support levels. An initial resistance is near the $2.585 level.
Besides, the 23.6% Fib retracement level of the recent decline from the $2.785 high to $2.524 low is also near the $2.585 level. The first key resistance is near the $2.620 level (the recent breakdown area).
The next major resistance is near the $2.650 level. Additionally, the 50% Fib retracement level of the recent decline from the $2.785 high to $2.524 low is also close to $2.650.
More importantly, there is a major bearish trend line forming with resistance near $2.720 on the 4-hours chart of the EOS/USD pair. An intermediate resistance is near $2.670 and the 55 simple moving average (4-hours).
Therefore, the bulls are likely to face a lot of hurdles, starting from $2.620 and up to $2.750. A successful daily close above the $2.750 level is needed for a strong recovery above the $3.000 level.
On the downside, the main supports are near $2.520 and $2.500. If there is a downside break below the $2.500 level, the price is likely to accelerate lower towards the $2.320 level.
Looking at the chart, EOS price is clearly trading below a few key hurdles near $2.620 and $2.650. Thus, there is a risk of more losses below the $2.500 support in the near term.
Hourly MACD – The MACD for EOS/USD is slowly losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently well below the 40 level.
Major Support Levels – $2.500 and $2.320.
Major Resistance Levels – $2.650 and $2.750.
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