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Title : Get Aboard That ETH Train!
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Get Aboard That ETH Train!

Even though the price appreciation of ETH/BTC has slowed down significantly, Ethereum is getting a lot of notice in the public eye and becoming a serious contender to Bitcoin. I spoke at lengths last week about the New York Times praising Ether as the next digital currency to watch, however since then there has been more interest. 

To start, CNBC essentially quoted the NYT article after it came out and has also recently released another article about the valuation of Ether, noting that back in 2014 it was privately valued at around US$500m with Google Ventures interested. No doubt there would have been multiple skeptics of that number back two years ago, however now I am sure those same people are probably thinking that this is a low number for the project. It is clear that a number of industry players are more interested in blockchain technology than Bitcoin, and this is something Ethereum can offer - in fact the CFTC commissioner spoke at lengths about blockchain technology (digital ledger technology specifically), and not once throughout his whole speech did he mention Bitcoin. 


Microsoft recently announced that it has signed up to R3, providing Azure's online services to the partnership. This could be a good sign for Ether, if not price wise initially, but for publicity since Azure recently offered the Ethereum Blockchain as a Service (E BaaS) to deliver enterprise business solutions.

So what does this all mean for the price? I personally think it is a bullish thing - there's no such thing as bad publicity and Ether is getting nothing but good publicity. Looking at the price on a technical level, price action has been flat recently with volumes dropping. In the past, the price spiked up by about by about 100% (early Feb to early March) after a similar quiet period. Are we overdue for another move up? Technical conditions and this publicity make an up move more likely than a down one. Set tight stops on the downside, and take advantage of this sideways price action to build your position. At BitMEX we offer 25x leverage on ETH with great volumes, also don't forget that if you ever want to request a quote for a certain size then hit us up on the chat and we will reach out to the market makers!

Risk Disclaimer: BitMEX is not a licensed financial advisor. The information presented in this newsletter is an opinion, and is not purported to be fact. Bitcoin is a volatile instrument and can move quickly in any direction. BitMEX is not responsible for any trading loss incurred by following this advice.

Images courtesy of ethereum, canstockphoto

Source: BitMEX

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