Though EOS dipped below the support at $3, the bears could not sustain the lower levels. The bulls are currently attempting to pullback to $3.8723, but the virtual currency might face minor resistance at the downtrend line.
The trend remains down. However, after the initial pullback, we expect the EOS/USD pair to trade in a range for a few days, trying to put a bottom in place. Traders should wait for a trend reversal to initiate long positions.
If the selling pressure during the next down leg is strong and it breaks below the Nov. 27 lows, the decline can stretch to $2.40.