As the cryptocurrency market recovers, Ethereum's (ETH) potential to reach the $4.000 mark again, even in the face of growing regulatory challenges, appears increasingly closer. Captain Faibik, a keen observer of the crypto market, shed light on this possibility in a detailed analysis of ETH's price trajectory, highlighting a bullish path forward for the world's second-largest cryptocurrency.
According to Faibik, Ethereum appears to be preparing for a significant recovery, pointing to a return to its previous value of $4.000. The analyst's analysis is based on technical patterns observed on ETH's four-hour charts, where a bullish breakout through a falling wedge pattern signals the end of a consolidation phase and the beginning of an upward movement.
$ 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
The Ethereum cryptocurrency now needs a boost of just 15,34% to cross the US$4.000 barrier, a feat that would not be unprecedented considering the cryptocurrency already reached US$4.093 at the beginning of the month, marking one of its highest points. highs in 2021.
the trajectory of ethereum price was not only affected by the Bitcoin-led market correction, but also by recent regulatory speculation. Information suggests that the U.S. Securities and Exchange Commission (SEC) is evaluating Ethereum with a critical lens, potentially classifying it as a security. This came to light after the SEC requested financial records from US companies involved with the Ethereum Foundation, triggering a debate about the regulatory future of cryptocurrencies.
At the time of publication, the price of ETH was quoted at US$3.582,66 with an increase of 6% in the last 24 hours.
