EOS Technical Analysis: (EOS/BTC) Artificially Surging On Sudden South Korean Support

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EOS is making a break for it, currently surging over 26% ahead of BTC on the back of new support from South Korean investors. At the time of writing, Upbit and Bithumb exchanges are collectively responsible for over 42% of EOS trades, against their native KRW currency. 

We’ve seen a lot of surging pump and dump behaviour from this particular nation before, namely the Bitcoin Cash and Ripple surges, where price actions ballooned by over 100% in their opening bull runs before harshly correcting.

This sporadic activity is difficult to chart as we could see these over inflated bull runs trigger irrational, and often emotional, buying behaviour within other crypto exchanges; as people hastily buy into these kinds of surging assets to make fast gains.

Before this recent activity broke out, EOS was actually looking bearish!

In the 4hr chart below we can see an Elliott impulse wave form off the rebounding 60,000 Sats support, which was already completing the first (A) correction wave. The candles were consolidating well into a rising wedge reversal pattern, with the projected (C) correction wave retracing back down to the 0.236 fib level at 71,000 Sats.

Both RSI and Williams R% indicators were displaying EOS as an overbought asset during the top of the impulse wave at point (5) and volume was beginning to lag, so all of this was looking like a promising confirmation of an imminent trend reversal.

In the present moment EOS is still gaining manically fast, with the potential of retracing bullishly to the 0.786 fib level, just over the 11,000 Sats mark if bullish support continues to rally.


With the asset uptrending at such speeds, it’s unlikely EOS will be able to hold on to the new price point for long. Once the peak is established and sell orders start to pile in, the trend will quickly turn from FOMO buy to panic sell and the price action typically plummets. 

There could be a late buying opportunity for short-term investors looking to scalp a small gain off the rebounding price action once it over-sells. These gains will be fractional compared to the current bull run but can still deliver reasonable returns. Having a clear price point to buy in and sell out will help control your trading emotions during this overly-hyped market activity.

Looking above we can see the current uptrend seeking to retrace to the 0.618 fib level at 123,000 Sats. Currently the trend is attempting to overcome a well tested resistance at 110,000 Sats where we could see some selling pressure begin to push back the bullish advance. If support continues beyond this point then it’s likely we’ll see the peak of this run terminate somewhere around 130,000 Sats before correcting. 

A termination at this high-end area would satisfy a bullish ‘Cup and Handle’ pattern, where we would have liked to see the price action break above the 0.5 fib level at 144,000 Sats after correcting back to the lower support. However since the price action has been artificially inflated without any sustainable cause, it’s unlikely that we’d see this formation play out.

EOS (EOS) Price Prediction

While this sudden surging price action will no doubt attract many new investors temporarily to EOS, in the absence of any big news announcement or development it’s safe to say that EOS is currently enjoying a brief pump and dump phase, orchestrated by South Korean investors. 

While gains can almost certainly be made, there’s a great deal of uncertainty now as to what will follow in the aftermath, once the panic sell-off occurs. We’ve often seen assets take weeks to recover after these pump and dump frenzies finish, as short term profits are withdrawn in huge volumes out of the surging alt-coin into more stable assets elsewhere.