EOS market update: EOS/USD lackluster trading prevails

EOS/USD opened this week’s trading at $3.81 and ascended to highs around $3.86. Like most of the assets on the market, EOS is languishing in bear pressure after the weekend session failed to break past the key resistance at $4.00.

The crypto has not been able to recover following the devastating declines on February 24. The waterfall drop saw EOS plunged from the highs close to $4.5 to the lows around $3.25. In fact, since the beginning of March is capped at $4.00. At the same time, formidable support has been established at $3.25.

Currently, EOS/USD is valued at $3.77. While the path towards $5.00 is going to be an uphill task, EOS equally supported by the bullish trendline, 50 SMA and the 100 SMA.

I expect EOS continue with sideways trading in the short-term a trend emphasized by the RSI which is horizontal at 50. Besides, bear pressure is still present with the MACD sliding towards the negative region. Various support levels will come to the rescue of the crypto if declines progress below $3.25 starting with $3.0, $2.75 and $2.25.