Ethereum’s price is showing a familiar pattern, and it’s got some analysts excited. This pattern, called a “Bullish Megaphone,” looks a lot like one seen before Ethereum’s massive price jump in 2017.
The Bullish Megaphone Pattern
What’s a Bullish Megaphone? It’s a chart pattern showing two higher peaks and two lower valleys. When the price breaks through the upper trendline with strong trading volume, it’s often seen as a sign of continued upward movement.
History Repeating Itself?
One analyst, EtherNasyonal, on X (formerly Twitter), points to the striking similarity between the current pattern and the one from 2016-2017. Back then, after the Megaphone pattern played out, Ethereum’s price soared past $1,200. EtherNasyonal believes a similar price surge is possible now, potentially pushing Ethereum to $10,000.
That’s a huge jump from the current price of around $3,353 – a nearly 200% increase!
Altcoin Season on the Horizon?
EtherNasyonal isn’t alone in their optimism. Another analyst, MikyBull Crypto, thinks we’re already in an “altcoin season.” This typically happens after Bitcoin’s big price run, when smaller cryptocurrencies start to see significant gains, often led by Ethereum. MikyBull predicts the best of the altcoin season will be between late December 2024 and March 2025.
So, could Ethereum really hit $10,000? It’s certainly a bold prediction, but the chart pattern and the analyst’s historical comparisons make it a possibility worth considering. Of course, nothing is guaranteed in the crypto market.
