The bitcoin halving 2020 event is due next week, and the crypto market is already gaining traction. The Bitcoin price has recently touched $10K that is the highest since it’s drastic fall in Feb this year. Along with price gain in BTC, the crypto community is wondering about the impact of this much-anticipated event on Ethereum, a second largest after Bitcoin in terms of market capitalization. While the Bitcoin price is expected to see a massive boost, the analysts have forecasted a positive potential impact on the price of other top digital currency along with ETH.
While the BTC price is gradually moving up, ETH is getting away from the green zone. This has surprised the crypto analysts as both cryptocurrencies have revealed a correlation in the price movement, especially during a rally. Nevertheless, the shorts of ETHUSD are losing currently, the technical analysis and the past trend has demonstrated an upward movement in the long term. The below analysis retains a bullish perspective and expects that the ETH price would explode in a long position.
Although ETH has not made a considerable gain since Feb 2020, the gradual increase and potential push by bitcoin halving event could lead ETH to break a major resistance of $250. if the ETH manage to break this resistance after the bitcoin halving event, the ETH price could touch $400 in next couple months.