• EOS price is facing an increase in selling pressure below $3.000 against the US Dollar.
• The price is testing the $2.850 support and it could extend its decline.
• There is a key declining channel forming with resistance near $3.080 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase).
• An upside correction may perhaps face sellers near the $3.000 and $3.200 resistance levels.

EOS price is back in a bearish zone below $3.200 against the US Dollar, similar to bitcoin. It seems like the bears are eyeing more downsides below the $2.850 support area.

EOS Price Analysis

In the past few days, the bears were in complete control, leading EOS below the $3.350 support area against the US Dollar. The price even broke the key $3.200 support level and settled well below the 55 simple moving average (4-hours).

Finally, there was a break below the $3.000 support and the price traded to a new monthly low at $2.844. At the moment, the bulls seem to be defending the key $2.850 support area.

On the upside, an initial resistance is near the $3.080 level. It is near the 23.6% Fib retracement level of the recent decline from the $3.853 high to $2.844 low. Moreover, there is a key declining channel forming with resistance near $3.080 on the 4-hours chart of the EOS/USD pair.

If there is an upside correction, the bulls might find it difficult to clear the $3.080 resistance. The next key resistance area is near the $3.200 level.

If there are more upsides, the price may perhaps recover towards the $3.350 resistance area. The 50% Fib retracement level of the recent decline from the $3.853 high to $2.844 low is also near the $3.348 level to act as a key hurdle.

Conversely, the price might fail to recover above $3.080 and $3.200. On the downside, an initial support is near the $2.850 level. A successful bearish break below the $2.850 support level could open the doors for another sharp decline. The next major support is near the $2.650 level, followed by the $2.500 pivot level.

EOS Price

Looking at the chart, EOS price is currently trading in a bearish zone below the $3.080 and $3.200 resistance levels. Therefore, if it fails to recover, the bears are likely to aim a test of the $2.650 level in the near term.

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 currently recovering well below the 40 level.

Major Support Levels – $2.850 and $2.650.

Major Resistance Levels – $3.080 and $3.350.

The post EOS Price Analysis: Turned Sell on Rallies Near $3.00 and $3.20 appeared first on Live Bitcoin News.