- An analyst has asserted that ETH remains on track to reclaim the $4,000 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 $4,000 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. 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…
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