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With this recent upward movement, Etherās market cap has once again risen from $10.5 Billion to a more respectable $12.536 Billion (within a span of less than 24 hours).
Technical Outlook
Since yesterday, Ethereum has been finding spurts of unexpected bullish supportā with the currency even breaking its $118 resistance level. However, the next resistance threshold which has been set at $125, has not yet been breached by the altcoin due to immense selling pressure being faced by the market at large.
As things stand, Etherās latest support levels lie at $115, $112 and $110. Hence, if these levels are breached, we can expect the value of ETH to fall once again and even go below the $100 mark.
Amazonās New Blockchain Service Provides Full Support for Ethereum
In another piece of welcome news, multi-billion dollar corporation āAmazonā, has just released its native blockchain-based cloud service suite that is designed to help users devise novel digital solutions which they can use to record their business transactions with.
According to Andy Jassy, the CEO of Amazon Web Services, this new platform will be able to facilitate and record millions of transactions seamlessly for its clients. Additionally, Jassy also said that this project represents over 2 years of continuous hard work, wherein the engineers over at Amazon spent more than 12 months studying the needs of customers looking to avail of blockchain based solutions within todayās market.
In terms of what Amazonās new platform can do, the devs say that this latest service can be used to facilitate peer-to-peer payments, process loans as well as allow companies to carry out tradeĀ dealings with their distributors and suppliers in a completely seamless fashion.
If that wasnāt enough, Rahul Pathak, the GM of Amazon Blockchain, then went on to add that:
āMany of our customers want to build applications where multiple parties can execute transactions without a central, trusted authority, and they also need to create a blockchain network. Building a scalable blockchain network with existing technologies is just too hard today, and thatās why customers pay expensive consultants to help them. Customers can use either Ethereum or Hyperledger Fabric, the two most popular blockchain frameworks, and get a functioning blockchain network set up with just a few clicks.ā
Final Take
How long this latest upward momentum lasts for ETH is anyoneās best guess. However, if one thing is for sure, it is that the coming 48-72 hours promise to usher in a lot of action for the crypto sector as a whole.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.