Crypto Analysis

EOS Price Approaching Crucial Break, Can Buyers Make It?

EOS price trimmed most its gains and declined below the $2.40 support against the US Dollar. It seems like EOS is now preparing for the next key break versus the USD and BTC.

Key Talking Points

  • EOS price is currently trading above the $2.20 and $2.15 support levels (Data feed of Kraken) against the US Dollar.
  • There is a crucial bearish trend line in place with resistance at $2.30 on the 4-hours chart.
  • The price could either rally above the $2.30-2.40 resistance or decline below $2.15.

EOS Price Analysis

Recently, there was a decent upward move above the $2.30 and $2.40 levels in EOS price against the US Dollar. However, the price failed to break the $2.50 resistance and later started a downside move.

EOS Price Analysis Chart

The chart above indicates that EOS price topped near the $2.48 level and later moved below the $2.40 support level. There was a proper close below the $2.30 level and the 100 simple moving average (4-hours).

The price tested the $2.15 support and later corrected above the $2.20 level. There was a break above the 50% Fib retracement level of the last drop from the $2.48 high to $2.15 low. However, the recovery faced a strong resistance near the $2.32-2.35 zone.

Moreover, there is a crucial bearish trend line in place with resistance at $2.30 on the 4-hours chart. There was also a failure near the 61.8% Fib retracement level of the last drop from the $2.48 high to $2.15 low.

At the outset, the price is consolidating in a range and it seems like it is preparing for the next break either above $2.35 or below $2.20. A proper break above the $2.30-2.35 resistance zone may push the price towards the $2.50 resistance. Any further gains will most likely set the pace for a move towards $3.00.

On the other hand, if EOS buyers fail to gain pace above the $2.35 level, there could a bearish break. A downside break below the $2.20 and $2.15 support levels could push the price towards the $2.00 handle.

The market data is provided by TradingView.

Aayush Jindal
About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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