Ethereum Price Repeats ‘Bullish Megaphone’ Pattern From 2017 – Why $10,000 Is Possible

by

As a seasoned researcher with over two decades of experience in the financial markets, I must say that while I have seen many patterns and predictions come and go, this Bullish Megaphone pattern on Ethereum’s price chart is reminiscent of the 2017 bull rally. Having closely monitored the crypto market since its inception, I cannot help but feel a sense of déjà vu.

The current structure of Ethereum‘s price resembles an historical technical configuration, similar to the one seen in 2017 before a significant surge in its value. A crypto expert suggests that this pattern, named ‘Bullish Megaphone’, might indicate a potential increase in Ethereum’s price up to $10,000.

Bullish Megaphone Sets Stage For Ethereum Price Rise To $10,000

A well-known blockchain and cryptocurrency expert known as ‘EtherNasyonal’ has forecasted on platform X (previously Twitter) that the value of Ethereum might soon exceed $10,000. This prediction is based on the analyst’s observation of a familiar chart pattern from Ethereum’s price history, referred to as the Bullish Megaphone, which was also present during the 2016-2017 bull market.

The Bullish Megaphone pattern is a technical indicator consisting of two higher highs and two lower lows, often indicating a potential uptrend continuation for a cryptocurrency. This technical pattern is considered bullish when a cryptocurrency’s price breaks above the trend line with increasing volume.

By examining an analyst’s Ethereum price charts spanning from 2016 to 2017 and again from 2024 to 2025, it appears that a Bullish megaphone pattern has emerged in both bull market phases. It is worth noting that at the culmination of this significant technical configuration in 2017, the price of Ethereum reached unprecedented heights, surpassing $1,200 by 2018.

According to EtherNasyonal’s analysis, if Ethereum follows the same trend observed during the previous bull market, it could lead to a significant price jump exceeding $10,000. Presently, Ethereum is valued at approximately $3,353, which represents a 7.24% growth over the last week. If this trend continues, it would mean an increase of around 198%, indicating a substantial rise in Ethereum’s value.

The analyst has pointed out that it’s expected altcoins may mimic Ethereum’s positive price trend, potentially experiencing a similar upward trend. If Ethereum continues its price surge during this bullish phase, it could influence the future direction of altcoins in the crypto market.

Is The Altcoin Season Here? 

Historically, Ethereum has played a key role in triggering or predicting the onset of an anticipated boom in alternative cryptocurrencies, often referred to as altcoins. During this time, Bitcoin‘s influence tends to decrease substantially after a strong bull market run. In response, altcoins often mimic this upward trend, with Ethereum usually being at the forefront as it follows the price surge of Bitcoin.

MikyBull Crypto, a well-known analyst in the field of X, announced that the period favoring alternative cryptocurrencies, often referred to as altcoin season, has started within this ongoing bull market. To clarify, the altcoin season occurs after Bitcoin’s consolidation phase following a rally, during which smaller-cap digital currencies experience a significant surge in value.

MikyBull Crypto has expressed hope that from late December 2024 to March 2025, investors and the wider crypto community might enjoy “the exciting phase” of altcoin season. This implies that the altcoin market could experience a strong upward trend, with many smaller cryptocurrencies potentially experiencing price surges of varying degrees.

Read More

2024-11-24 08:46