The Ethereum price has formed a key technical pattern reminiscent of the one observed in 2017 when the cryptocurrency embarked on a major bull rally. According to a crypto analyst, this pattern, known as the ‘Bullish Megaphone‘, could signal a possible price rise to $10,000 for ETH. 

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

A Blockchain and crypto technical analyst, identified as ‘EtherNasyonal,’ on X (formerly Twitter), has predicted that the Ethereum price could soon surpass $10,000. According to the analyst, Ethereum‘s price action currently showcases a historical chart pattern, the Bullish Megaphone, observed during the 2016 to 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.

Looking at the analyst’s Ethereum price chart from 2016 to 2017 and another for 2024 to 2025, the Bullish megaphone pattern has formed in both bull cycles. Moreover, at the end of the key technical pattern in 2017, the Ethereum price skyrocketed to new price levels, surpassing the $1,200 mark by 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. As of writing, CoinMarketCap reveals that the price of Ethereum is trading at $3,353, marking a 7.24% surge 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 surge in value.

The analyst has also noted that altcoins will likely follow Ethereum’s bullish momentum and experience a similar uptrend. This price rally in ETH could further impact the future trajectory of altcoins in the crypto market this bullish cycle. 

Is The Altcoin Season Here? 

Historically, Ethereum has been a significant catalyst or determining factor to the start of the highly anticipated altcoin season. While Bitcoin’s dominance tends to decline significantly around this period after experiencing a remarkable bull run, altcoins typically follow this bullish trajectory, with Ethereum taking the lead as it trails behind Bitcoin’s price rally.

MikyBull Crypto, a prominent analyst on X, declared that the altcoin season for this current bull cycle has officially begun. For clarity, the altcoin season is after 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 may witness “the real fun” of the 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.

Feaatured image from The Guardian, chart from TradingView

Ethereum surged over 10% yesterday, marking an impressive recovery alongside a very bullish day for the entire crypto market. This surge has reignited investor optimism, especially as Ethereum approaches its yearly highs. 

Key data from CryptoQuant highlights a significant bullish signal: Ethereum’s Taker Buy Volume hit an astonishing $1.683 billion in a single hourly candle. This metric reflects aggressive buying activity in the futures market, further supporting Ethereum’s potential for continued upward momentum.

The driving force behind this rising demand for Ethereum appears to stem from profits being cycled out of Bitcoin. With Bitcoin consistently breaking all-time highs, investors are reallocating gains into ETH, boosting its price. Ethereum’s ability to capitalize on Bitcoin’s momentum underscores its position as the second-largest cryptocurrency and a key player in the broader market trend.

However, the next few days will be crucial for Ethereum as it nears its yearly highs. A strong breakout above these levels could propel ETH into a new uptrend, further strengthening its bullish narrative.

Ethereum Bulls Waking Up 

Ethereum bulls are finally showing signs of life after eight months of bearish price action, with the price surging over 40% since November 5. This strong upward momentum aligns with the broader market rally, fueling optimism that Ethereum’s recovery is just beginning. The resurgence in bullish sentiment has positioned Ethereum as a key focus for investors seeking opportunities in the current market environment.

According to data by CryptoQuant analyst Maartunn, Ethereum’s Taker Buy Volume recently hit $1.683 billion in a single hourly candle, highlighting significant demand and the involvement of high-volume trades.

This aggressive buying activity is a bullish signal, suggesting increased confidence in Ethereum’s potential to sustain its rally. Strong demand at this scale creates upward pressure on the price, reinforcing the bullish narrative for ETH.

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However, Ethereum still faces a critical hurdle at the $3,550 level, a significant supply zone that has acted as a barrier since late July. The next few days will be pivotal for Ethereum, as breaking above this key resistance could signal the continuation of its upward trajectory. Failure to do so, however, might result in a short-term consolidation. All eyes are now on ETH, as its next moves could set the tone for the altcoin market.

ETH Holding Above Key Levels 

Ethereum (ETH) is trading at $3,333 after a 10% surge yesterday, marking a significant rebound for the second-largest cryptocurrency. The price is testing a critical supply zone just below the $3,450 level, a resistance area that bulls need to reclaim to confirm the uptrend and maintain momentum for new highs.

This supply zone has historically acted as a key barrier, and breaking above it with conviction would signal strong buying pressure and the potential for a sustained rally. Holding above the 200-day moving average (MA) at $2,959 further strengthens the bullish case for Ethereum, as this indicator is widely regarded as a benchmark for long-term price trends.

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Should Ethereum maintain its position above the 200-day MA and push decisively past the $3,450 level, it could pave the way for a bullish rally, targeting higher resistance zones in the coming days.

However, failure to overcome this supply area may result in short-term consolidation as bulls regroup to challenge the level again. For now, the market focuses on Ethereum’s ability to clear this crucial resistance and continue its upward trajectory.

Featured image from Dall-E, chart from TradingView