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  • Ethereum creator made positive comments about EOS project.
  • EOS/USD is moving within a short-term bullish trend.

EOS is the 9th largest digital asset with the current market capitalization of $2.4 billion and an average daily trading volume of $3.3 billion. The coin has gained over 3% since the beginning of the day and 2.5% on a day-to-day basis. While EOS is moving in sync with the market, the upside momentum is supported by the recent positive comments of Ethereum co-founder, Vitalik Buterin. 

In a recent series of tweets, Buterin praised the blockchain project that is sometimes regarded as a competitor to ETH.

If I were designing a new chain to live alongside bitcoin and ethereum, I would take *all* the political tradeoffs that BTC and ETH aren’t willing to take.

He mentioned such trade-offs as on-chain governing with votes, on-chain oracles for not just prices but arbitrary events, built-in cryptographic operations and an on-chain model of identity, for participants who want to participate in governance.

He also added:

This is why I actually have some respect for EOS and co. I *disagree* with DPoS but at least they’re *trying* to develop a cohesive and principled alternative niche.

EOS/USD: Technical picture

EOS/USD found strong support at daily SMA50 (currently at $2.6). This area has been limiting the decline since May 15 and served as a jumping-off ground during early Asian hours on Monday. At the time of writing, EOS/USD is changing hands at $2.70, off the intraday high of $2.75.

On the intraday charts. EOS is moving within a clear upside trend with the initial support created by 1-hour SMA50 at $2.65. It is closely followed by 1-hour SMA100 at $2.62 and the above-mentioned daily SMA50 at $2.60. If it is cleared, the sell-off may gain traction with the next focus on 1-hour SMA200 at $2.53 and psychological $2.50.

On the upside, a sustainable move above the intraday high is needed for the upside to gain traction. The major bullish aim is created by $3.00; however, the bulls will have to clear $2.80 (the upper boundary of the previous consolidation channel) before they proceed to $3.00.

EOS/USD 1-hour chart