EOS clearly has established an uptrend against the Ethereum. Since November 2017 price has been moving up, while producing higher highs and higher lows. The recent decline can only be interpreted as a corrective move down, rather then the downtrend.
In March, EOS/ETH broke above the downtrend trendline and has reached the ETH 0.033 high. The current corrected resulted in a 55% decline, and EOS is currently trading at the level of 0.015.
The price stands right at the uptrend trendline, not to mention that EOS/ETH failed to break below the 200 Moving Average with confidence. The trend remains bullish but it is hard to say when the correction will end and uptrend will continue.
EOS investors should watch the eth 0.018 resistance and 0.014 support levels for a breakout, since this price action could establish the medium term trend. Break below the support might result in further correction towards the 0.008 support, while break above the resistance should present the buying opportunity and price is likely to reach the previous high at 0.033.