Why Is Ethereum Price Not Responding to The Bullish Billion-Dollar Amazon Endorsement?

With the recent bullish Ethereum news, the price of Ethereum (ETH) is expected to head towards the $200 level. Recently Amazon announced billion-dollar endorsement deal. The firm now has an Amazon Managed Blockchain tool that lets businesses create and manage scalable blockchain networks. This is very bullish news for Ethereum, and it is supposed to increase the demand for the digital currency which would, in return, increase the price of Ethereum.

Ethereum recently broke over the short-term Ethereum price prediction 2019 of $180. Nevertheless, the bears took over the market and the digital currency is down to the $160 area.

Will the Amazon Endorsement Increase the Price of Ethereum? – What’s Ethereum Price Prediction after the Endorsement

The blockchain community is expecting a lot from Ethereum, and the blockchain project seems to be struggling at the moment. The Ethereum network is struggling to scale. This is probably the reason why the largest e-commerce platform in the world is now dipping their toes in the project. Amazon just created a new tool that will enable businesses to create and manage scalable blockchain networks. In a statement, Amazon said that Ethereum is a great fit for highly distributed blockchain network where data transparency for all users is very crucial.

More Bullish Ethereum News Today: Ethereum May Soon Move to the Early Stages of PoS Integration

Ethereum earlier revealed its intention to migrate to Proof of State consensus protocol. The aim of this integration is to ensure scalability in the Ethereum network. According to a recent report, the blockchain project may soon be transiting to the early stages of Proof of Stake integration. Ethereum is looking to improve its blockchain by introducing several new developments. The project is embarking on this journey as it is beginning to gain mainstream attraction.

Ethereum (ETH) is the second largest digital currency in the world by market cap. The blockchain project is also most used; it is used to create decentralized applications and smart contracts. More firms are also beginning to adopt and partner with the project. Will all these bullish Ethereum news boost the price of Ethereum?

Ethereum Price Analysis – Ethereum Price Prediction – Ethereum Price Forecast – ETH USD Live Price

Recently, the price of Ethereum (ETH) surged higher over the $165 level against the USD. The price of Ethereum surged higher and broke over the $180 short-term Ethereum price prediction. Ethereum wasn’t able to sustain gains over the $180 level and it plunged lower. The digital currency plunged lower and broke below the $170 resistance level. Ethereum price declined further below the $160 level. Fortunately, the $156 level acted as support and prevented further losses.

The price of Ethereum later surged higher over the $162 level. It also broke over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $169 to the low of $157. At the moment, the price of Ethereum is hovering around the $160 mark. The immediate support of the digital currency is the $158 level. On the upside, Ethereum is facing strong resistance at the $165 level.

Ethereum (ETH) Price Today – ETH / USD

Name Price24H (%)
Ethereum (ETH)
$272.83
1.36%

At the press time, ETH USD live price is $159 after a decrease of about two percent over the past twenty-four hours. The current market cap of the digital currency is $16.94 billion. The trading volume of Ethereum (ETH) over the past twenty-four hours is $5.60 billion.

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