As the week draws to a close, cryptocurrency markets are exhibiting signs of bullish sentiment, with many coins poised to conclude on an upward trajectory, as reported by CoinMarketCap.

Ethereum (ETH), the leading altcoin, has seen a modest uptick of 0.75% in its price since the previous day. However, over the course of the week, ETH has experienced a decline of 6.85%.

Analyzing the hourly chart reveals that ETH is edging towards the recently established local resistance level at $2,942. Should buyers sustain their momentum, a breakout appears plausible, potentially propelling the price towards the $2,970 threshold.

Nevertheless, a more cautious outlook is warranted when examining the daily chart. Despite a potential close near current levels, the underlying momentum may not be robust enough to sustain further upward movement.

Under such circumstances, a period of consolidation within the $2,900-$2,950 range seems probable in the coming days.

Looking ahead to the midterm perspective, attention is drawn to the weekly bar nearing the critical support level at $2,850. Should selling pressure persist, market participants could anticipate a downward trend towards the $2,600-$2,700 range by month-end.

At the time of reporting, Ethereum is trading at $2,932, reflecting the dynamic nature of cryptocurrency markets amidst evolving market conditions.