@rmdeluca thanks for the reply. So while I wait for my DisplayPort cable to do what you suggested, I thought I'd try it with the HDMI cable for now while I wait for the DP cable. So I connected my monitor to the eGPU via HDMI cable and then from eGPU to my mac via USB-C. Once I booted the mac, nothing was displaying on monitor and then it says no signal then it went to standby but then the monitor went alive and it looks like it's doing something but still blank screen and then no signal and it went to standby and then couple of seconds later, it will do the same thing all over again but the monitor gets no signal.
I unplugged the HDMI cable and plugged it back in then it works but not till I plugged and unplugged the HDMI cable a couple of times. And when it works, it doesn't work all the time. When the monitor goes to sleep or when I restart, I'm getting the same problem again. I tried different HDMI cable and still same problem. I heard something about resetting the NVRAM or PRAM, I wonder if I should do that but my problem is I can't see anything on the monitor so I can't tell when to release the buttons during the reset.
Oh well, I guess I should just wait for the DP cable to come in and hope that it doesn't have the same problem.