Elon and Amazon Give Ethereum The Nod, Why is ETH Still Bearish?

All attention has been focused on Bitcoin recently as it has led crypto markets off the bottom and back into bullish territory. Ethereum has been lack luster to say the least with very little movement in prices and certainly nothing to match other crypto assets. That could all change with an endorsement from Amazon which has recently launched a new blockchain tool through AWS.

Amazon: Ethereum Well Suited

The twitter crypto-sphere has been awash with comments lately following a couple of leading posts about Ethereum from multi-billionaire entrepreneur Elon Musk. This simple one word tweet was re-tweeted over 9,000 times and had almost 5,000 responses;

Elon may have been onto something as web commerce giant Amazon has also recently given Ethereum the thumbs up by endorsing it in a press release about a new blockchain service. The new tool available through Amazon Web Service will enable users to “create and manage scalable blockchain networks” via open blockchain networks such as Ethereum.

The Amazon Managed Blockchain (AMB) service was initially announced last year and made available for preview. The preview is now complete and the service is available for production use however it has been limited to a small region in the eastern part 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 stuck in a bearish channel and has not managed to make any progress over the past month. Since the initial crypto market surge at the beginning of April Ethereum has remained around $160, falling back after reaching a high of $185. The 13 percent slide over the month has confirmed this as a number of analysts have noted;

Ethereum volume has halved since the beginning of April and is now around $5.5 billion. The three month chart is a little more positive though as Ethereum has climbed way above its low of around $100 back then. The dev team is unperturbed however and continues 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 long it seems as greater adoption from the likes of Amazon and a raft of solid technological improvements will propel the platform towards its intended purpose.

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