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Ethereum price It has formed a major technical pattern reminiscent of the one observed in 2017 when the cryptocurrency embarked on a major bullish rally. According to a cryptocurrency analyst, this pattern, known as the “Bullish Megaphone,” could indicate a potential rise in the price of ETH to $10,000.
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Bullish megaphone paves the way for Ethereum price to rise to $10,000
Blockchain and Cryptocurrency Technical Analyst, known as “EtherNasyonal”, posted on X (formerly Twitter), anticipation That the price of Ethereum may soon exceed $10,000. According to the analyst. Ethereum price movement Currently showing the historical chart pattern, Bullish Megaphone, observed during the 2016 to 2017 bull market.
the Bullish speaker pattern It is a technical indicator consisting of two higher highs and two lower lows, and often indicates a Potential upside Continuation of cryptocurrency. This technical pattern is considered bullish when the cryptocurrency price crosses the trend line with increasing volume.
Looking at the analyst Ethereum price chart From 2016 to 2017 and another for 2024 to 2025, a bullish megaphone pattern formed in both bullish cycles. Moreover, at the end of the major technical pattern in 2017, Ethereum price rose to new price levels, surpassing the $1,200 mark by 2018.
EtherNasional suggested that with Ethereum repeating this pattern in the current bull market, it could signal a similarly massive price rally, with a potential rally above $10,000. As of the time of writing, CoinMarketCap has revealed that Ethereum price It is trading at $3,353, registering a 7.24% rise in the past seven days. At its current price A Rising to the $10,000 mark It would represent a 198% increase in Ethereum, highlighting a significant increase in value.
The analyst also noted that altcoins are likely to follow Ethereum’s bullish momentum and will see a similar uptrend. The price rise in ETH may further impact the future Altcoin Path In the cryptocurrency market this bull cycle.
Has altcoin season arrived?
Historically, Ethereum has been an important catalyst or determinant of the beginning of what is highly anticipated Altcoin season. while Bitcoin dominance Altcoins tend to decline significantly during this period after experiencing a notable bull run, and altcoins typically follow this upward trajectory, with Ethereum taking the lead. Paths behind the rise in Bitcoin prices.
MikyBull Crypto, a senior analyst at X, Announce It’s altcoin season for this Current Taurus cycle Officially started. For clarity, altcoin season comes after Bitcoin’s consolidation phase, which follows a rally, as smaller-cap cryptocurrencies begin a strong market rally.
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MikyBull Crypto optimistically revealed that from late December 2024 to March 2025, investors and the broader cryptocurrency market may witness the “real fun” of altcoin season. This indicates that the altcoin market is expected to start a major rally, with many small-cap cryptocurrencies seeing varying price increases.
Featured image from The Guardian, chart from TradingView