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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 bullish rally. According to one crypto analyst, this pattern, known as the “bullish megaphone,” could indicate a possible eth price rise to $10,000.
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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 x (formerly twitter), has<a target="_blank" href="https://x.com/EtherNasyonaL/status/1859982731163357682″ target=”_blank” rel=”nofollow”> provided that the price of ethereum could soon surpass $10,000. According to the analyst, ethereum price action It is currently displaying a historical chart pattern, the bullish megaphone, observed during the 2016 to 2017 bull market.
He Bullish Megaphone Pattern is a technical indicator consisting of two higher highs and two lower lows, often indicating a <a target="_blank" href="https://bitcoinist.com/ethereum-uptrend-resumes-as-key-support-holds/amp/” target=”_blank” rel=”nofollow”>potential uptrend continuation of a cryptocurrency. This technical pattern is considered bullish when the price of a cryptocurrency breaks above the trend line as volume increases.
Looking at the analyst ethereum price chart from 2016 to 2017 and another from 2024 to 2025, the bullish megaphone pattern has formed in both bullish cycles. Furthermore, at the end of the key technical pattern in 2017, the price of ethereum skyrocketed to new price levels, surpassing the $1,200 mark in 2018.
EtherNasyonal has suggested that as ethereum repeats this pattern in the current bull market, it could signal a similar massive price surge, with a potential rally above $10,000. At the time of writing, CoinMarketCap reveals that the ethereum price It is trading at $3,353, which represents an increase of 7.24% in the last seven days. At its current price, a rally to the $10,000 mark would represent a 198% increase for ethereum, highlighting a substantial increase in value.
The analyst also noted that altcoins will likely follow ethereum's bullish momentum and experience a similar bullish trend. This price rally in eth could further impact the future altcoin trajectory in the crypto market this bullish cycle.
Is altcoin season here?
Historically, ethereum has been a major catalyst or determining factor for the start of the long-awaited altcoin season. While bitcoin's dominance tends to decline significantly during this period after experiencing a notable bull run, altcoins generally follow this bullish trajectory, with ethereum taking the lead as traces behind the bitcoin price rally.
MikyBull crypto, a leading x analyst,<a target="_blank" href="https://x.com/mikybullcrypto/status/1859857453036474722?s=46″ target=”_blank” rel=”nofollow”> declared that altcoin season for this current bull cycle has officially started. For clarity, the altcoin season follows bitcoin's consolidation phase, which follows a rally, where smaller-cap cryptocurrencies begin a strong market rally.
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MikyBull crypto has optimistically revealed that from late December 2024 to March 2025, investors and the broader crypto market can witness “the real fun” of altcoin season. This suggests that the altcoin market is expected to embark on a significant rally, with numerous small-cap cryptocurrencies experiencing varying price increases.
Featured image from The Guardian, chart from TradingView
