Ethereum's Wild Ride: The Megaphone Pattern Hints at $10K Soon 🚀

ETH sits at $8,750 now. Pretty amazing comeback after finally breaking past $5,000 earlier this year. That technical megaphone pattern on the weekly chart? Still pointing up. Lots of folks still eyeing that $10K target 🎯

This megaphone thing - wider swings, expanding zones - it's been kinda spooky accurate for ETH prices. When it finally smashed through $5,000 in Q2, boom! About $4.8 billion in shorts got liquidated. Talk about rocket fuel 🔥

Crypto analyst Jelle first spotted this pattern. "Weekly megaphone structure intact, signaling major expansion ahead." But he's not totally convinced yet. Needs more volume to really push toward five digits.

If ETH stumbles? Look at $7,200 area - that's the 12-week SMA. Or maybe $7,000 - big round numbers matter in crypto. These might catch it before another climb 📊

The whales seem busy around $9,000. Merlijn thinks it's "exactly the kind of level whales dream about targeting." Seems they're still loading up and squeezing those overleveraged shorts 🐋

Jackis feels "insanely bullish" long-term. ETH broke out of its multi-year range. "We're witnessing a new structural expansion phase that could last for years." Though he's not ruling out some nasty shakeouts like Bitcoin had in 2023.

ETH still moves with Bitcoin a lot. Correlation's at 0.82 over five years. But lately? ETH's been doing its own thing more as its ecosystem grows 💫

If it pushes past $9,000 and stays there? We might actually see that magical $10,000 ETH before the year wraps up 🌕