It’s been a relatively choppy first half of the week for EOS. Following last week’s 2.74% gain, EOS was down by 3.06% Sunday through Tuesday.
A bearish start to the week saw EOS slide to a Sunday current week low $3.4662 before finding support.
Steering clear of the week’s first major support level at $3.4152, EOS rallied to an early Monday current week high $3.7167.
The Monday rally saw EOS only partially recover a 3.22% slide from Sunday, however. A pullback from the early current week high left EOS with just a 1.05% gain on the day.
In spite of the Monday breakout, EOS came up short of the first major resistance level at $3.8591 to ease back to sub-$3.6 levels.
A 2nd day in the red on Tuesday added to the downside for the current week.
The extended bearish trend, formed back at April 2018’s swing hi $23.03, remained firmly intact. EOS continued to fall short of the 23.6% FIB of $6.62 following a pullback from $8.65 levels in late June.
At the time of writing, EOS was down by 0.58% to $3.5352. A bearish start to the day saw EOS fall from an early morning high $3.5556 to a low $3.5000.
EOS continued to leave the week’s major support and resistance levels untested.
[fx-image src=https://www.tradingview.com/x/E27glnyj/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/E27glnyj/][fx-article-ad]
EOS would need to move back through to $3.6100 levels to support a run the current week high $3.7167
Support from the broader market would be needed, however, for EOS to break back through to the current week high $3.7 levels.
In the event of a rebound from the current week losses, EOS would likely test the first major resistance level at $3.8591 before any pullback.
Barring a broad-based crypto breakout, however, EOS would likely come up short of last week’s high $3.8013.
Failure to move back through to $3.6100 levels could see EOS add to the current week losses. A fall back through the current week low $3.4662 would bring the first major support level at $3.4152 into play
Barring a crypto meltdown, however, EOS should steer clear of last week’s low $3.3163 and the second major support level at $3.1644.
With EOS down by 20.2% for the current month to the end of Tuesday, a move back through to $4.00 levels near-term is key.
Major Support Level: $3.4152
Major Resistance Level: $3.8591
23.6% FIB Retracement Level: $6.62
38% FIB Retracement Level: $9.76
62% FIB Retracement Level: $14.82
Please let us know what you think in the comments below.