EOS crypto price rose sharply this week as investors cheered the Grayscale victory against the SEC. The coin also jumped after it gained regulatory approval in Japan that allows it to be listed in the country’s exchanges. EOS rose to a high of $0.6440, the highest level since August 16th. At its peak, it was up by over 20% from the lowest point this month.
Important EOS news
EOS is a blockchain network operated by the EOS Foundation, which is supported by Block. Block One is known for scoring the biggest initial coin offering (ICO) in the world in 2017 when it raised over $4 billion.
EOS, like other cryptocurrencies, rebounded after the Grayscale verdict in the United States. The verdict helped to pave the way for the first spot Bitcoin ETF in the US. It also provided a roadmap for other companies interested in launching their spot ETFs to follow if the SEC rejects their applications.
Most importantly, the verdict showed that companies in the crypto industry can fight its rules and win. A few months ago, the SEC lost another closely watched case that pitted it against Ripple Labs.
Read more: How to buy EOS coin.
EOS price also jumped after the coin gained regulatory approvals in Japan. The approval means that exchanges operating in the third-biggest economy in the world can now list it in their ecosystems. Still, I believe that gains caused by this news will be short-lived.
The next key catalyst for EOS will be the decision by the SEC about ETF applications by firms like Blackrock and Invesco. The agency has until Friday to deliver its decision, with most analysts expecting another delay. This delay will help it understand the recent Grayscale ruling.
The other important news that will move EOS price will be the latest US PCE and Non-Farm Payrolls (NFP) data. PCE, the Fed’s favorite inflation number, is expected to rise to 3.3% in July.
EOS price forecast
The 2H chart shows that the EOS crypto price has moved sideways in the past few days. The token was trading at $0.6224, which is higher than this week’s low of $0.5218. EOS is slightly above the important level at $0.6021, the highest point on August 23rd.
EOS has formed what looks like a bullish flag pattern. It is also slightly above the 25-period and 50-period moving averages. The Relative Strength Index (RSI) has formed a bearish divergence pattern. Therefore, there is a likelihood that EOS will retreat and retest the key support at $0.6021.
The alternative scenario is where the coin bounces back ahead and after the SEC decision on the other spot ETFs. In this case, the next level to watch will be at $0.6600.
