As the countdown to the Bitcoin Halving in the second quarter of 2024 approaches, many are curious about the Ethereum price forecast. The momentum carried by the second-largest cryptocurrency could potentially have a spillover effect on the rest of the crypto market.

Bitcoin Halving and its Impact on ETH

Looking back at the previous Bitcoin Halving event in May 2020, the Ethereum (ETH) price failed to gain significant momentum leading up to the event. It only managed to maintain lower highs until it experienced a higher high just around the time of the Halving. Analyst Benjamin Cowen suggests that the second half of the pre-Halving year may not be particularly favorable for Ethereum. Cowen predicts a general downward trend overall in the lead up to the event, although there may be some upside potential during that period.

According to Cowen’s forecast, ETH could potentially close the year 2023 below the yearly open of $1,195. He further predicts that by the end of October 2023, the ETH price may decline to below $1,400. This suggests that Ethereum’s value may remain relatively stable, more or less, until the Bitcoin Halving event. However, given the high volatility in the crypto market, these predictions should be taken with caution.

In other news, CoinGape has reported that the Twitter account belonging to Ethereum co-founder Vitalik Buterin has been hacked. The incident raises concerns about the security of prominent figures in the crypto industry. It is yet another reminder of the importance of robust security measures to safeguard personal and professional accounts in the digital realm.

Despite these challenges, Ethereum has maintained a significant share of just under 20% of the total crypto market capitalization since the last quarter of 2021. This highlights its enduring presence and influence within the crypto ecosystem.