Ethereum (ETH): Endorsement By Amazon Will Act as Catalyst for Already Bullish Trends

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Ethereum (ETH) is the first and foremost cryptocurrency and technology that introduced a smart contract management system in the blockchain. Ethereum is backed by various positive development happening back to back. Recently, Ethereum made a revelation regarding its migrate to Proof of State (POS) consensus protocol, which mainly is aimed to integrate further blocks in the chain and ensure scalability in the network. Another piece of good news came when Amazon endorsed the altcoin and on top of that announced a billion-dollar deal with the Ethereum (ETH) firm. The crypto is looking to improve its technology by introducing several new developments. The recent ventures of Ethereum are beginning to gain mainstream attraction.

Current Statistics:

Ethereum

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Currently present at 2nd position in the crypto market, Ethereum (ETH) is trading around 163.98 USD at UTC 11:19, on May 06. According to Coinmarketcap, the altcoin was valued at 0.02875829 BTC per chip against Bitcoin, which is ruling the crypto chart. On top of that, the market capitalization of Ethereum was 17,374,230,491 USD, with a total of 105,954,332 ETH chips in circulation, at the time of writing. As a standard procedure, let’s compare the current price of ETH chips with its price 25-days back. On April 11, Ethereum was trading at 165.50 USD. Nevertheless, its price decreased by a small amount and today it is trading with a slight dip of 0.9%.

If you look at the previous day’s charts of Ethereum (ETH), it is a slightly disappointing one. Where the coin opened yesterday at 164.02 USD, it closed at 163.45 USD, with a marginal loss of 0.564558 USD (-0.34%). The overall trading volume in the altcoin was of 5,938,415,562 USD. Additionally, the coin marked the intraday high and low of 165.40 USD and 159.70 USD respectively, for the other day.

Ethereum (ETH) Price Prediction:

After the recent announcement by Amazon, the short term target of 180 USD has been broken as it is expected to be achieved in a week or two. With the bombardment of good news from all sides, it is possible that Ethereum will touch the target of 200 USD way before the end of 2019. A noteworthy fact is that Ethereum is the second largest cryptocurrency by market capitalization. On top of that, the blockchain is the most used one, when it comes to developing decentralized applications and smart contracts. With the recent developments, it is expected that a large number of firms working in blockchain technology will also adopt and partner with Ethereum (ETH). Although the coin is running low in comparison to its expected value, it is a good time for investors to buy as a bullish run is due to happen soon.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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