By having a look at the previous technical outlook published on February 10, we will notice that Etherum have been able to get rid of the obstacle that prevented it from moving upwards for a long time, but currently process started to stabilize above 1670-1700 regions as seen on the provided daily chart.
Actually, the fluctuation occurred during the past few days didn’t force bulls to sell Etherum, but on the contrary it proved the strength of the new support zones ( Previous strong resistance).
With that in mind, I do believe that bulls are on their way to dominate the market movements over short-term and medium-term basis, while a break of the psychological level of $2000 will be a very strong bullish signal.
On the downside, the wide support areas between 1650 and 1700 should provide bulls with the protection they need.