ETH/USDT Price Prediction: Bearish Signals Dominate
The ETH/USDT chart on Binance paints a cautious picture for Ethereum. Currently trading at $1,560.03, down 1.66%, ETH has seen a sharp drop from its recent high of $2,104.11. The 12-hour chart shows a clear downtrend, with price breaking below key moving averages—MA(5) at $1,634.84 and MA(10) at $1,712.72—signaling bearish momentum. The MACD indicator, with a value of -3.22, confirms this trend as the MACD line remains below the signal line. Additionally, the DMI shows a strong negative directional movement (DI- at 94.10), indicating sellers are in control. Volume has spiked to 293.79M, reflecting heightened selling pressure. Support sits near $1,507.29, but a break below could target $1,385.05. Resistance looms at $1,665.48. Traders should watch for a potential reversal if buying volume picks up, but for now, ETH appears poised for further downside. Proceed with caution!
