EOS failed to break out of the descending channel on May 21 and turned down from there. It broke below the 50-day SMA on May 22 and has followed it up with a break of the May 16 lows of $11.8210 today. There is minor support at $10 and below that at the 78.6 percent retracement levels of $9.6136.
If both these levels break, the EOS/USD pair can decline to the bottom trendline of the channel at $8.
With prices breaking down of both the moving averages and the 61.8 percent Fibonacci retracement levels of the latest rally, the virtual currency has become negative.
We shall change our view once price breaks out of the descending channel and sustains above it.