Ethereum price has formed a key technical pattern reminiscent of the one observed in 2017, when the cryptocurrency began a major bull run. According to a cryptocurrency analyst, this pattern, known as a “bullish megaphone”, could signal a possible raise in the price of ETH to $10,000.

The bullish megaphone sets the stage for Ethereum’s price to surge to $10,000

The blockchain and cryptocurrency technical analyst identified as “EtherNasyonal” on X (formerly Twitter) has predicted that the price of Ethereum may soon exceed $10,000. According to the analyst, Ethereum price action currently represents a historical chart pattern, the Bullish Megaphone, seen 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: potential upward trend continuation of cryptocurrency. This technical pattern is considered bullish when the cryptocurrency’s price breaks above the trend line as volume increases.

Looking at the analyst Ethereum price chart from 2016 to 2017 and another one for 2024–2025, a bullish megaphone pattern has formed in both bull cycles. Moreover, at the end of a key technical pattern in 2017, Ethereum’s price surged to modern price levels, breaking above the $1,200 mark by 2018.

EtherNasyonal suggested that since Ethereum is repeating this pattern during the current bull run, it could signal a similar massive price rally with a potential surge above $10,000. At the time of writing, CoinMarketCap reveals that Ethereum price is trading at $3,353, up 7.24% over the past seven days. At the current price A rally to the $10,000 level this would represent a 198% raise for Ethereum, highlighting the significant raise in value.

The analyst also noted that altcoins are likely to follow Ethereum’s bullish trend and experience a similar uptrend. This raise in ETH prices may have further impacts in the future altcoin trajectory this bullish cycle in the cryptocurrency market.

Is Altcoin season coming?

Historically, Ethereum has been a significant catalyst or determining factor for the highly anticipated start altcoin season. One sec Bitcoin domination tends to decline significantly during this period after a remarkable bull run, altcoins tend to follow this upward trajectory with Ethereum taking the lead follows the raise in Bitcoin prices.

MikyBull Crypto, outstanding X analyst, decided that it’s altcoin season current bull cycle it has officially started. To be clear, altcoin season follows Bitcoin’s consolidation phase, which follows a rally in which smaller-cap cryptocurrencies begin a forceful market rally.

MikyBull Crypto optimistically revealed that from delayed December 2024 to March 2025, investors and the broader cryptocurrency market could witness the “real fun” of the altcoin season. This suggests that the altcoin market is expected to begin significant growth, with many small-cap cryptocurrencies seeing varying price increases.

Featured image from The Guardian, chart from TradingView