Positive Support Response and Potential Resistance Levels

Ethereum displayed a positive response when it reached the $1,840 support level. The Dominance index also showed a positive reaction within the 19.55% range, indicating the potential for a favorable fluctuation within the 1-hour timeframe range channel. This suggests that Ethereum could face resistance in the range of $1,885 to $1,895. However, it is important to note that the selling pressure from the previous downward movement raises the possibility of a retest of the support level at the bottom of the channel.

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The downward trend in Ethereum's value could lead to a decline in its price, potentially reaching the support range between $1830 and $1820. There is even a possibility of breaking this support level, causing the price to fall within the range of $1760 to $1745.