Ethereum (ETH) is currently showing a major technical pattern reminiscent of the ‘Bullish Megaphone’ of 2017, when the cryptocurrency was on a major bull run. According to crypto analyst EtherNasyonic, this pattern could indicate a possible price increase to as much as $10,000.
Bullish Megaphone as indicator for new rally
The ‘Bullish Megaphone’ is a technical analysis pattern characterized by two higher highs and two lower lows, often indicating a continuation of an uptrend. This pattern is considered bullish when the price of a cryptocurrency breaks above the trendline, supported by an increase in trading volume.
In an analysis on During the previous bull market, this pattern led to an explosive rise in ETH, with its price surpassing $1,200 in 2018. According to the analyst, Ethereum could now make a similar jump and reach the $10,000 mark, an increase of 198% from the current price of approximately $3,353.
The impact on altcoins
The analyst predicts that Ethereum’s bullish momentum will also impact the broader altcoin market. Historically, Ethereum has acted as a catalyst for the start of the so-called altcoin season – a period in which smaller cryptocurrencies see strong price increases following the consolidation of Bitcoin.
According to analyst MikyBull Crypto, this altcoin period has already started and is expected to bring “the real fun” from the end of December 2024 to March 2025. During this period, altcoins could benefit from Ethereum’s momentum, which could lead to significant price increases across the crypto market.
Technical patterns strengthen optimism
The recurrence of historical technical patterns not only affects price forecasts, but also strengthens optimism among institutional and retail investors. With the increasing adoption of Ethereum in decentralized finance (DeFi) applications and the popularity of Layer 2 solutions, Ethereum’s fundamental value appears to be growing in parallel with the technical bullish signals. This offers investors the prospect of both short- and long-term gains as the market moves further into the bull cycle.
Temporary promotion: receive €25 free at Bitvavo
To celebrate the price increase, the Dutch crypto exchange Bitvavo is offering an exclusive promotion in collaboration with Newsbit: all new customers temporarily receive €25 free when they create an account via the button below and deposit €20.
Claim your €25 free and create an account with Bitvavo
Don’t miss this opportunity to immediately benefit from the growing popularity of Crypto!
Source: https://newsbit.nl/ethereum-herhaalt-bullish-megaphone-patroon-koers-naar-10-000-mogelijk/
