Ethereum Price Repeats Bullish ‘Megaphone’ Pattern From 2017
Ethereum price A key technical pattern has developed that is reminiscent of the one observed in 2017 when the cryptocurrency began its massive bull rally. One cryptocurrency analyst says this pattern, known as the “bullish megaphone,” could signal a possible rise in ETH’s price to $10,000.
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Bullish megaphone sets the stage for Ethereum price to rise to $10,000
A blockchain and crypto analyst known as “EtherNasyonal” on X (formerly Twitter) has Predictive Ethereum price may soon cross $10,000. According to analysts, Ethereum Price Trend Currently exhibits a historical chart pattern observed during the 2016 to 2017 bull market, the Bullish Megaphone.
this Bullish megaphone pattern is a technical indicator consisting of two higher highs and two lower lows, usually indicating potential uptrend The continuation of cryptocurrencies. This technical pattern is considered bullish when the price of a cryptocurrency breaks above the trend line and trading volume increases.
Look at the analysts Ethereum price chart Both bull market cycles formed bullish megaphone patterns, from 2016 to 2017 and from 2024 to 2025. Furthermore, at the end of a key technical pattern in 2017, Ethereum price surged to new price levels, surpassing the $1,200 mark by 2018.
EtherNasyonal said that as Ethereum repeats this pattern during the current bull run, it could herald a similar surge in price, with a possible rally above $10,000. As of this writing, CoinMarketCap revealed Ethereum price It is trading at $3,353, up 7.24% in the past seven days. Judging from the current price, Rally to $10,000 mark This means that Ethereum will rise by 198%, highlighting its huge surge in value.
The analyst also noted that altcoins may follow Ethereum’s bullish momentum and experience a similar uptrend. ETH price rise could further impact future The trajectory of altcoins During this bull cycle in the crypto market.
Is altcoin season here?
Historically, Ethereum has been a significant catalyst or determinant in the highly anticipated start of the economy. altcoin season. although Bitcoin Dominance Altcoins typically follow this bullish trajectory after a remarkable bull run, with Ethereum leading the way. Traces of rising Bitcoin prices.
MikyBull Crypto is a well-known analyst of X, Announce altcoin season The current bull market cycle It has officially started. For clarity, altcoin season follows Bitcoin’s consolidation phase, which follows a rally that saw the small-cap cryptocurrency embark on a strong market rally.
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MikyBull Crypto optimistically revealed that investors and the broader crypto market may witness the “real fun” of altcoin season from late December 2024 to March 2025. This suggests that the altcoin market is expected to see significant gains, with numerous small-cap cryptocurrencies seeing varying degrees of price increases.
Featured images from The Guardian, charts from TradingView
