After the abrupt pullback in EOS over the past 36 hours following a steep run up, I present the below chart for thought on future price levels.
The March low of $4.16 was put in place creating a short term bottom. The yellow star indicates a confirmation that the downtrend was over with the higher red line showing previous resistance becoming support.
The top put in place this week of $22.86 created a total short term range of $18.70. The first major Fibonacci pullback level is 38.2% of this range, or a pull back of $7.14 from the high.
We have already seen a pullback of approx. 31.8% suggesting short term pullbacks may be slowing. If prices fall below the 38.2% retracement levels, we would expect more declines to continue until 50%. If prices hold, we should expect price to return it's upward momentum and breakout above the previous highs towards the $30 level.