Bullish Megaphone Pattern Indicates Potential Ethereum Price Surge to $10,000
The Ethereum price has recently shown a significant technical pattern known as the ‘Bullish Megaphone’, reminiscent of a similar trend observed back in 2017 during a major bull rally. A crypto analyst going by the name ‘EtherNasyonal’ on X (formerly Twitter) has predicted that this pattern could potentially lead to a price rise exceeding $10,000 for ETH.
The Bullish Megaphone pattern consists of two higher highs and two lower lows, typically indicating a potential uptrend continuation for a cryptocurrency. This pattern is considered bullish when the price breaks above the trend line with increasing volume. Looking back at the Ethereum price chart from 2016 to 2017 and the current chart for 2024 to 2025, the Bullish Megaphone pattern has formed in both bull cycles. In 2017, at the end of this key technical pattern, Ethereum’s price surged to new levels, surpassing $1,200 by 2018.
Currently, Ethereum is trading at $3,353, showing a 7.24% increase in the last seven days. If Ethereum follows the same pattern as in the past, it could potentially rally above $10,000, representing a 198% increase for the cryptocurrency. This surge in value could have a significant impact on the altcoin market, with other cryptocurrencies likely to follow Ethereum’s bullish momentum.
Altcoins often tend to experience a rally following Ethereum’s price surge, signaling the beginning of the altcoin season. MikyBull Crypto, another prominent analyst, has declared that the altcoin season for the current bull cycle has officially begun. This period typically follows Bitcoin’s consolidation phase after a rally, where smaller-cap cryptocurrencies start a strong market rally.
MikyBull Crypto has indicated that the real fun of the altcoin season may occur from late December 2024 to March 2025, suggesting a significant rally in the altcoin market with various small-cap cryptocurrencies experiencing price increases. As Ethereum leads the way in this bullish momentum, it could pave the way for a positive trajectory for altcoins in the crypto market.
Overall, the Bullish Megaphone pattern and the potential Ethereum price surge to $10,000 indicate a promising outlook for the cryptocurrency market in the coming months.
Featured image from The Guardian, chart from TradingView