It’s a good day for Ethereum (ETH). Yesterday, Microsoft announced the release of Azure blockchain development kit. Microsoft visual studio already had solidity extensions, but this is the first time that Microsoft is releasing an official set of tools for Ethereum. This is a big deal, because it will open up the adoption of Ethereum apps development, and solidify its position as the number one blockchain for Dapps development. According to the announcement on the Azure weekly,
“This Visual Studio Code extension for Azure Blockchain provides developers an enhanced experience for building Blockchain apps utilizing Azure Blockchain Service, or even the public Ethereum network. It also enables you to utilize popular, open source Blockchain tools such as Solidity and Truffle.”
This development points to the fact that, Ethereum is slowly going mainstream, and is cementing its positon in the Dapps space, even as other blockchains wrestle for a segment of this market. Indicators of Ethereum’s sustained dominance are there. For instance, according to a research by Diar, 60% of all new Dapps run on Ethereum. The research also finds that in the last 4-months, Ethereum Dapps have been on a growth path. To quote the report,
“776k Ether was transacted on DApps last month turning on-chain activity higher than the previous period for 4-months in a row. This year is the most prolonged period of growth in terms of transacted volumes DApps have witnessed, ever.”
With all these factors at play, it is quite clear that Ethereum (ETH) is one of the most undervalued cryptos in the market today. This may explain why it is gaining fast, as the market starts to build bullish momentum. At the moment, Bitcoin has shot up to $5900, and this has seen Ethereum (ETH) edge higher by 9%, higher than most altcoins. Its volumes are on the rise too.
Looking at the charts, it is clear that Ethereum is likely to sustain its current bullish trend, at least in the short-term. On the 1-hour chart, Ethereum made a bullish breakout above the 55-day moving average at $171.39, and has now formed a clearly visible uptrend. In this uptrend, it has formed two consecutive higher lows, one at $181.62 and the other at $186.45. This is a signal that Ethereum (ETH) could be headed upwards in the short-term. If the trend continues, Ethereum (ETH) could possibly push above $191 in the day. Longer term, Ethereum (ETH) could test key resistance at $280 on the weekly 55-day Moving Average, if its current trajectory sustains.
Clearly, there is a strong fundamental basis to Ethereum’s potential to rise in value that transcends speculation. It’s backed by its continued dominance in the platform blockchains space. With the tools that Microsoft has provided for developers, it will be harder for others blockchains to compete. This together with other tech developments within the Ether ecosystem, its potential for growth in the long-run is almost guaranteed. It’s a crypto worth keeping an eye on, now that bullish sentiment is returning to the market.