EOS price drops after bulls hit a new local high of $2.97

The price surged 20% on Wednesday as buyers pushed toward $3.00. Buyers had driven from $2.48 into this surge, but the break above the resistance line didn't hold. By day's end, EOS/USD closed with a long upper wick and has since traced lower highs and lower lows. The token now trades around $2.60, down from the week's peak.

The $3.95 high from August remains the peak since the descending resistance line formed five months ago.

Bulls view $2.50 as the next critical level. If that breaks, sellers have another zone around $2.45 that has resisted bear pressure since April. On the daily chart, the Stochastic Oscillator points higher with a bullish crossover, and the MACD is forming a bullish divergence near the zero line. A push above $2.70 could rally to $2.90, and if that level holds as support, bulls might attempt $3.50.

Shorter timeframes paint a different picture. Price sits below both the 10-day and 50-day moving averages on the 1-hour chart. The RSI trades in neutral zone on both hourly and daily views. For the day, EOS is up 1.5%, though that modest gain masks the volatility traders faced this week.