EOS Price Compresses in Channel After April Peak With Breakout on the Horizon

Key Takeaways

• EOS testing critical resistance at the $0.68 zone.
• Descending channel breakout suggests bullish potential.
• RSI and Fib support indicate accumulation.

EOS has recently completed a five-wave impulsive structure followed by a sharp correction.

The current market structure suggests the price is at a critical decision point.

With a potential breakout from a descending corrective channel, traders are closely watching for confirmation of the next major move. 

EOS Price Analysis

The 4-hour chart outlines a completed five-wave impulse peaking at $1.54 on Dec. 4, followed by an ABCDE corrective structure forming a falling wedge.

This structure appears to have ended at the $0.43 level on March 11, when a recovery started. 

The 4-hour Relative Strength Index (RSI) also confirmed oversold conditions.

Following this, EOS staged a smaller impulsive rally and retraced it into the prior breakout region, aligning it with historical support and key Fib levels. 

This consolidation at the 0.786 retracement level of the larger decline ($0.64) suggests potential accumulation.

A descending wedge breakout from March 18 indicates bullish divergence, yet the price has failed to sustain above $0.64 (Fib 0.786), a crucial resistance.

Another rise was seen to a high of $0.83, aligning with the 0.618 Fibonacci level and concluding the five-wave impulse of the lower degree count. 

Since then, the price has reverted to its $0.60 zone, which currently appears stable.

If we see this area as support, the current structure may be part of a larger corrective wave or the beginning of a new bullish phase.

EOS Price Prediction

On the 1-hour chart, EOS appears to be finishing a small descending channel corrective phase after a five-wave impulse that concluded with wave (v) reaching $0.88 on April 4.

With a potential breakout underway, the price could reach the mid-line of the correction and target the $0.79 area (0.5 Fibonacci extension), which acts as a pivot zone.

If the price manages to sustain a move above this pivot and break the descending trendline, it could confirm the beginning of wave (iii) of a new bullish structure.

Projected Fibonacci extension targets for this move include $0.795 (0.5 Fib) and $1.0132 (1.0 Fib).

However, failure to break and hold above $0.68 would imply a more complex correction or even a bearish continuation targeting lower lows, potentially back toward $0.50 or below.

The RSI is recovering but remains in the neutral zone. A break above 60 on the RSI with strong volume would reinforce bullish momentum.

Key Levels to Watch

• Major Support: $0.5801 (horizontal support).
• Immediate Resistance: $0.64 (0.786 Fib retracement).
• Breakout Confirmation: Sustained move above $0.68 and descending trendline.
• Invalidation Level: Break below $0.5784.
• Fractal Watch Zone: $1.0132–$1.1315 (targets for wave (iii) if bullish breakout confirmed).