Ethereum Approved by Musk & Amazon – Why So Bearish?

902
Elon Musk Ethereum

All of the interest has been focused on Bitcoin in recent times as it has led crypto markets off the bottom and back into bullish territory. Ethereum has been lack luster to say the least with extremely minimal movement in prices and undoubtedly nothing to resemble other crypto assets. That could all change with an endorsement from Amazon that has recently debuted a new blockchain tool through AWS.

Amazon + Ethereum

Amazon: Ethereum Well Suited

The twitter crypto-sphere has been awash with comments recently following a several popular posts about Ethereum coming from multi-billionaire entrepreneur Elon Musk. This simple one word tweet was re-tweeted over 9,000 times and had close to 5,000 responses;

Elon may possibly have been onto a little something as web commerce colossus Amazon has also recently given Ethereum the thumbs up by supporting it in a news release about a new blockchain service. The new tool obtainable through Amazon Web Service will allow users to “create and manage scalable blockchain networks” via open blockchain networks such as Ethereum.

The Amazon Managed Blockchain (AMB) service was originally announced last year and made available for preview. The preview is now concluded and the service is readily available for production use however it has been restricted to a small region in the eastern section of the United States at the moment. According to Yahoo News, Amazon stated;

“Ethereum is well suited for highly distributed blockchain networks where transparency of data for all members is important,” before adding “customer loyalty blockchain network that allows any retailer in the network to independently verify a user’s activity across all members to redeem benefits”.

Initially the AMB service will be launched on Hyperledger Fabric from the Linux Foundation with ‘Ethereum in the works’. It lauds simplicity stating; “you can create your network in minutes. Once created, you can easily manage and maintain your blockchain network. You can manage certificates, invite new members, and scale out peer node capacity in order to process transactions more quickly.”

ETH Still Bearish

Ethereum is still trapped in a bearish channel and has not managed to bring about any progress over the past month. Ever since the initial crypto market intensification at the start of April Ethereum has continued being around $160, drawing back after reaching a high of $185. The 13 percent decline over the month has confirmed this as a number of analysts have noted;

Ethereum Decision Time

Ethereum volume has cut in half since the commencement of April and is presently around $5.5 billion. The three month chart is a little bit more positive however as Ethereum has climbed way above its low of about $100 back then. The dev team is unruffled however and remains to soldier on as a new community portal gets launched and the buildup to Ethereum 2.0 Serenity gathers momentum.

Ethereum will not be on the floor for very long it seems as amplified adoption from the likes of Amazon and a raft of stable technological enhancements will propel the platform towards its proposed resolution.

The post Elon and Amazon Give Ethereum The Nod, Why is ETH Still Bearish? appeared first on NewsBTC.

Subscribe To CryptoScoop News

Sign Up To The Latest Crypto & Blockchain News
Informed Analysis And Opinions On What Matters To You.
Invalid email address
We promise not to spam you. You can unsubscribe at any time.