In the lead up to the countdown to Bitcoin Halving in the second quarter of 2024, it would be interesting to view the Ethereum price forecast, considering that the momentum carried by the second largest cryptocurrency could have a spillover effect on the rest of the crypto market.
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Bitcoin Halving – Not So Good For ETH?
Prior to the Bitcoin Halving event in May 2020, the ETH price failed to gain momentum and only maintained lower highs, until it saw higher high just around the Halving. Hence, analyst Benjamin Cowen has asserted that the second half of the pre-Halving year is likely not going to be favorable to Ethereum. Cowen predicted that the general direction should be down overall in the lead up to the event, although the cryptocurrency may likely see some upside during the time.
The analyst predicted that ETH could close the year 2023 below the yearly open of $1,195. Going by the analyst forecast, the ETH price may likely decline to below $1,400 by the end of October 2023. Does it mean that the cryptocurrency would stay around the same level more or less until the Bitcoin Halving? Despite the high volatility, since the last quarter of 2021, Ethereum had been mostly maintaining a share of just under 20% of the total crypto market capitalization.
In other news, CoinGape reported that the Twitter account belonging to Ethereum cofounder Vitalik Buterin has been hacked.
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