Market Equilibrium and Support Levels

Yesterday, Ethereum displayed a return movement towards the support of the floor of the channel range, settling around $1,720. The RSI level of 50 indicates a balanced market state, signifying an equilibrium between buying and selling pressures. Although the reaction to this support level was positive, it was not strong enough to facilitate substantial price growth. Consequently, if the support at $1,720 is breached, there is a possibility of further decline in Ethereum's price, potentially reaching the range of $1,675. It is worth noting that a previous analysis identified a second support level in the vicinity of $1,650. The neutral RSI level suggests a temporary pause or consolidation in price action, with the market lacking a clear trend or direction at this point.