Ethereum Price Forms Bullish Megaphone Pattern, Potential Rise to $10,000
The Ethereum price has formed a technical pattern similar to one seen in 2017, indicating a potential bull rally. Analyst EtherNasyonal suggests this ‘Bullish Megaphone‘ pattern may lead Ethereum's price to $10,000.
Bullish Megaphone Sets Stage For Ethereum Price Rise To $10,000
According to EtherNasyonal, Ethereum's current price action reflects the Bullish Megaphone pattern observed during the 2016 to 2017 bull market. This pattern consists of two higher highs and two lower lows, often signaling a continuation of an uptrend for cryptocurrencies. A bullish indication occurs when the price breaks above the trend line with increasing volume.
The analyst compared Ethereum’s price charts from both 2016-2017 and 2024-2025, noting that similar patterns emerged. In 2017, the Ethereum price surged past $1,200. EtherNasyonal predicts that if the current pattern holds, a rally could push Ethereum above $10,000. Currently, Ethereum trades at $3,353, reflecting a 7.24% increase over the last week, suggesting a potential 198% price increase to reach $10,000.
The bullish momentum of Ethereum is expected to influence altcoins, potentially leading to a corresponding uptrend across the broader crypto market.
Is The Altcoin Season Here?
Historically, Ethereum has driven the onset of altcoin season. As Bitcoin's dominance declines after a bull run, altcoins typically rally, with Ethereum often leading this movement.
MikyBull Crypto announced that the altcoin season has begun for the current bull cycle, which usually follows Bitcoin's consolidation phase post-rally. This period allows smaller-cap cryptocurrencies to gain traction.
MikyBull Crypto anticipates significant activity in the altcoin market from late December 2024 to March 2025, implying that many small-cap cryptocurrencies will experience notable price increases.
Featured image from The Guardian, chart from TradingView