EOS Price Analysis: EOS/USD jumps over 17% from lows on Thursday, but bears may look to sell on rallies

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  • EOS/USD manages to jump over 17% from the session lows on Thursday.
  • Bears look to be selling any short-term bull rallies seen for EOS/USD.

 

The EOS price managed to hold decent gains towards the latter stages of trading on Thursday, after receiving a chunky bid tone, which was very much seen across the cryptocurrency market. The unexpected bull run however for EOS/USD, proved to be unsustainable at the session highs, dropping after printing firmly above $11.50.

EOS/USD had been under heavy pressure from the market bulls, which had made evident for much of this week. The cooling in crypto pricing was seen across the board, with a number of stories seemingly softening sentiment.

Technically, the bears appear to be heavily targeting any rallies observed for EOS/USD, looking for the opportunity to sell those. The price came off at the highs seen at $11.64, which was also in proximity to the 38.2% Fibonacci. Support to then downside seen at; $10.60, 23.6% Fibonacci, then $9.80, support on the 4-hour time frame.

 

EOS/USD 4-hour chart

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