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The price of Ethereum has formed a key technical pattern reminiscent of that seen in 2017, when the cryptocurrency embarked on a major bull rally. According to one crypto analyst, this pattern, known as the “bullish megaphone,” could signal a possible price rise to $10,000 for ETH.
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Bullish megaphone sets stage for Ethereum price surge to $10,000
A Blockchain and crypto technical analyst, identified as “EtherNasyonal”, on predicted that the price of Ethereum could soon exceed $10,000. According to the analyst, Ethereum Price Action currently features a historical chart pattern, the Bullish Megaphone, observed during the 2016-2017 bull market.
THE Bullish Megaphone Pattern is a technical indicator consisting of two highs and two lows, often indicating a potential uptrend suite for a cryptocurrency. This technical pattern is considered bullish when the price of a cryptocurrency breaks above the trendline with increasing volume.
Looking at the analyst Ethereum Price Chart from 2016 to 2017 and another for 2024 to 2025, the bullish megaphone pattern was formed during the two bullish cycles. Additionally, at the end of the key technical pattern in 2017, Ethereum price skyrocketed to new price levels, surpassing the $1,200 mark in 2018.
EtherNasyonal suggested that as Ethereum repeats this pattern in the current bull market, it could signal a similar massive price rally, with a potential rally above $10,000. At the time of writing, CoinMarketCap reveals that the Ethereum price is trading at $3,353, marking a 7.24% rise over the past seven days. At its current price, a rebound to the $10,000 mark this would represent a 198% increase for Ethereum, highlighting a substantial increase in its value.
The analyst also noted that altcoins would likely follow Ethereum’s bullish momentum and see a similar uptrend. This ETH price rise could have further impact on the future trajectory of altcoins in the crypto market this bull cycle.
Is Altcoin Season Here?
Historically, Ethereum has been a significant catalyst or driving factor for the start of the much-anticipated altcoin season. While The dominance of Bitcoin tends to decline significantly during this period after experiencing a remarkable bull run, altcoins generally follow this bullish trajectory, with Ethereum taking the lead as it lagging behind Bitcoin price rise.
MikyBull Crypto, a prominent analyst on declared that the altcoin season for that current bull cycle has officially started. For clarity, altcoin season occurs after Bitcoin’s rally-following consolidation phase, where 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 crypto market could witness the “real fun” of altcoin season. This suggests that the altcoin market is set to embark on a significant rally, with many small-cap cryptocurrencies experiencing varying price increases.
Featured image from The Guardian, chart from TradingView
