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The Ethereum price has formed a major technical pattern reminiscent of the pattern observed in 2017, when the cryptocurrency embarked on a major bull rally. According to a crypto analyst, this pattern, known as the ‘Bullish Megaphone’, could signal a possible price increase to $10,000 for ETH.
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Bullish megaphone sets the tone for Ethereum price rise to $10,000
A Blockchain and crypto technical analyst identified as ‘EtherNasyonal’ on X (formerly Twitter) has predicted that the price of Ethereum could soon surpass $10,000. According to the analyst Ethereum’s price action currently shows a historical chart pattern, the Bullish Megaphone, observed during the 2016 to 2017 bull market.
The Bullish megaphone pattern is a technical indicator consisting of two higher highs and two lower lows, often indicating a potential upward trend sequel for a cryptocurrency. This technical pattern is considered bullish when the price of a cryptocurrency breaks above the trendline on increasing volume.
Looking at the analyst’s Ethereum price chart from 2016 to 2017 and another from 2024 to 2025, a bullish megaphone pattern has formed in both bull cycles. Moreover, at the end of the main technical pattern in 2017, Ethereum price skyrocketed to new price levels, surpassing the $1,200 mark in 2018.
EtherNasyonic has suggested that if Ethereum repeats this pattern in the current bull market, it could signal a similarly massive price surge, with a potential rally above $10,000. At the time of writing, CoinMarketCap reveals that the price of ether is trading at $3,353, up 7.24% in the last seven days. At the current price, a rally to the $10,000 mark would mean a 198% increase for Ethereum, highlighting a substantial increase in value.
The analyst also noted that altcoins are likely to follow Ethereum’s bullish momentum and experience a similar uptrend. This price rally in ETH could further influence the future trajectory of altcoins on the crypto market this bullish cycle.
Is Altcoin Season Here?
Historically, Ethereum has been a major catalyst or determining factor for the beginning of the long-awaited altcoin season. While Bitcoin’s dominance tends to drop significantly around this period after a notable bull run, altcoins typically follow this bullish trajectory, with Ethereum taking the lead while it lags behind Bitcoin’s price rise.
MikyBull Crypto, a leading analyst on X, declared that it is altcoin season for this current bull cycle has officially started. To be clear, altcoin season follows Bitcoin’s consolidation phase, which follows a rally, in which smaller cryptocurrencies begin a strong market rally.
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MikyBull Crypto has optimistically revealed that investors and the broader crypto market can witness “the real fun” of altcoin season from late December 2024 to March 2025. This suggests that the altcoin market is expected to embark on a significant rally, with numerous small-cap cryptocurrencies experiencing varying price increases.
Featured image from The Guardian, chart from TradingView