Bulls continue to maintain control in the crypto market as the week comes to a close, as reported by CoinMarketCap.
The price of Ethereum (ETH) has seen a steady increase of nearly 2% in the past 24 hours. Over the course of the week, ETH has surged by 9.70%, indicating a positive momentum in the market.
Looking at the hourly chart, ETH has experienced a significant upsurge following a breakout above the local resistance level of $2,653. If the daily candle closes above this key level, it is likely that the upward trajectory will extend towards the $2,750 range in the coming days.
On the larger time frame, Ethereum is currently testing the $2,702 level, with the potential for a breakout paving the way for a move towards the $2,800 zone in the near future.
Analyzing the weekly chart, a bullish scenario emerges where a sustained closure around the current price levels without significant wicks could fuel further growth towards the $2,800-$3,000 range by the end of the month.
As of now, Ethereum is trading at $2,702, reflecting the positive sentiment in the market.
