- An analyst has asserted that Ethereum (ETH) remains on track to break the $4K mark.
- The conclusion emerged from a bullish pattern observed on ETH’s four-hour candlestick.
- However, Ethereum is reportedly under the SEC’s scrutiny, dimming the prospects for $4k.
Market Watcher Captain Faibik has argued that Ethereum (ETH) could be on a path to reclaim the lost $4,000 price amid a potential regulatory hurdle.
In a recent analysis of ETH’s trajectory on X, Faibik disclosed that the $4K target has become evident.
The analyst reached this conclusion after observing ETH’s established candlestick patterns in the four-hour timeframe.
Specifically, he observed a bullish breakout through a descending wedge pattern, a known technical formation that marks the end of an asset’s consolidation phase.
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Accordingly, the analyst declared that the $4,000 threshold for Ethereum is on the horizon.
$ETH #Ethereum Descending Broadening Wedge Upside Breakout is Confirmed on the 4hrs timeframe Chart..✅
$4,000 incoming ⌛️📈 https://t.co/qrKE5jiXon pic.twitter.com/MLIXefVsd8
— Captain Faibik (@CryptoFaibik) March 25, 2024
At press time, ETH trades at $3,468, having increased by 4.3% over the past 24 hours. Interestingly, the asset only needs a 15.34% rally to reclaim the $4K threshold.
Meanwhile, Ethereum traded at $4,067 early this month, one of its peak points in 2021.
While the Bitcoin market correction caused Ethereum’s price to dip below the threshold, ETH witnessed more pronounced declines within the last seven days.
In particular, ETH crashed to as low as $3,070 on March 20 following reports of the US Securities and Exchange Commission (SEC) working silently to classify the asset as a security.
The reports suggest that the SEC has requested financial records from U.S. companies involved in transactions with the Ethereum Foundation.
Notably, the regulatory body has not issued an official statement regarding this development at the time of press. However, the revelation has elicited diverse reactions among notable figures.
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For instance, Anatoly Yakovenko, the founder of Solana, remarked, “If the state is against Ethereum, then I am against the state.”
If the state is against ethereum then I am against the state
— toly 🇺🇸 (@aeyakovenko) March 21, 2024
Additionally, pundits see the development potentially impacting the regulator’s decision on the pending applications for Ethereum exchange-traded funds (ETFs), a widely awaited approval that they believe will further impact ETH’s price.
Besides, the SEC has just deferred its decision on Grayscale Futures ETF.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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