Can eczema take form of itchy bumps and blisters instead of just dry red patches? should i be concerned if anything life threatening?

Not life threatening: Just "quality of life" threatening. Yes eczema can take the form of blisters and itchy blister depending on which kind. Atopic dermatitis doesn't usually do this but a contact dermatitis such as poison ivy/oak will. You could also have a infection on top of your dry skin eczema and the blisters could even be herpes but this usually becomes painful.