- EOS price is struggling to continue above the $2.750 and $2.820 resistances against the US Dollar.
- There is a decent support forming near the $2.500 and $2.535 support levels.
- There are two major bearish trend lines in place with resistance near $2.750 and $2.820 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
- The pair could only start a strong upward move once it settles above the $2.850 level.
EOS price is facing a lot of hurdles for a bullish wave against the US Dollar and bitcoin. The price could decline in the short term towards the $2.500 support area.
EOS Price Analysis
This week, there were swing moves in bitcoin, Ethereum, ripple, litecoin and EOS against the US Dollar. Earlier, EOS price started a strong recovery from the $2.341 low and traded above the $3.500 resistance area.
The upward move was strong as there was a break above the $2.600 resistance area. Moreover, there was a close above the $2.600 level and the 55 simple moving average (4-hours).
The last swing high was near $2.855 before the price started a downside correction. It traded below the $2.650 level. Besides, the price broke the 23.6% Fib retracement level of the upward move from the $3.341 low to $2.855 high.
On the downside, there are many supports near $2.550, $2.520 and $2.500. The 50% Fib retracement level of the upward move from the $3.341 low to $2.855 high might also provide support.
If there is a downside break below the $2.500 support, the price could continue to decline in the near term. The next key support is near the $2.400 level, below which it could revisit the $2.350 support area.
On the upside, there are many important resistances near $2.750. Additionally, there are two major bearish trend lines in place with resistance near $2.750 and $2.820 on the 4-hours chart of the EOS/USD pair.
The second bearish trend line near $2.820 is very important along with $2.850. Therefore, a successful close above $2.850 could set the pace for more upsides in the coming sessions. The next major hurdle is near the $3.000 and $3.050 levels.
Looking at the chart, EOS price is clearly trading a few key resistances such as $3.750 and $3.850. If it continues to struggle, there is a risk of a downside reaction towards the $2.500 and $2.400 support levels in the near term.
Technical indicators
Hourly MACD - The MACD for EOS/USD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI is currently moving just below the 50 level.
Major Support Levels - $2.500 and $2.350.
Major Resistance Levels - $2.750 and $2.820.
The post EOS Price Analysis: Bulls Facing Uphill Task appeared first on Live Bitcoin News.
