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Home»Ethereum»Ethereum Price Repeats Bullish ‘Megaphone’ Pattern From 2017
Ethereum

Ethereum Price Repeats Bullish ‘Megaphone’ Pattern From 2017

November 24, 2024No Comments2 Mins Read
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Bullish Megaphone Pattern Could Signal Ethereum Price Rise to $10,000

The Ethereum price has recently exhibited a key technical pattern that is reminiscent of the one observed in 2017 when the cryptocurrency began a major bull rally. According to a well-known crypto analyst, this pattern, known as the ‘Bullish Megaphone,’ could potentially indicate a price surge for ETH up to $10,000.

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

Looking at historical Ethereum price charts from 2016 to 2017 and the current cycle, the Bullish Megaphone pattern has emerged in both bull markets. In 2017, after the formation of this key technical pattern, the Ethereum price skyrocketed to new levels, surpassing $1,200 by 2018.

The crypto analyst, known as ‘EtherNasyonal,’ has predicted that if Ethereum follows a similar pattern in the current bull market, it could potentially lead to a significant price surge, with the price surpassing $10,000. Currently, Ethereum is trading at $3,353, marking a 7.24% increase in the last seven days. A rally to $10,000 would represent a 198% increase for Ethereum, indicating a substantial value surge.

The analyst has also suggested that altcoins are likely to follow Ethereum’s bullish momentum and experience a similar uptrend, potentially impacting the future trajectory of altcoins in the crypto market during this bullish cycle.

Altcoin Season on the Horizon?

Traditionally, Ethereum has played a significant role in initiating the much-anticipated altcoin season. As Bitcoin’s dominance tends to decline following a strong bull run, altcoins typically follow a bullish trajectory, with Ethereum leading the way as it trails behind Bitcoin’s price rally.

See also  Ethereum Game 'Illuvium' Reveals AI Agent Plans via Surging Virtuals Protocol

A prominent analyst on social media, MikyBull Crypto, has declared that the altcoin season for the current bull cycle has officially commenced. This period usually follows Bitcoin’s consolidation phase after a rally, where smaller-cap cryptocurrencies begin a robust market rally.

MikyBull Crypto has indicated that from late December 2024 to March 2025, investors and the broader crypto market may witness significant movements in the altcoin market. This suggests that numerous small-cap cryptocurrencies could experience varying price increases during this period, marking the true beginning of the altcoin season.

Featured image from The Guardian, chart from TradingView

Bullish Ethereum Megaphone Pattern Price Repeats
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