Ethereum (ETH) Price Surging 10 Percent with Launch of New Enterprise Tools
The Ethereum (ETH) price is up 10 percent today following news that the Enterprise Ethereum Alliance (EEA) has released new tools and information to help businesses develop on the blockchain.
The EEA, a self-driven organization that works toward improving standards and defining specifications for open-source blockchain development, announced the new tools at CoinDesk’s Consensus 2019 conference. Dubbed the Enterprise Ethereum Client Specification V3, include performance and privacy updates and new tools to simplify network permissions.
In addition, the EEA released instructions regarding the integration of a specific scaling and privacy subset called “Off-Chain Trusted Compute Specification V1.” The specifications include a set of application programming interfaces (API’s) that help improve privacy and the functionality of resource-heavy programs.
The Enterprise Ethereum Alliance
The EEA enjoys a membership base covering a broad variety of professional individuals and organizations, including blockchain firms Consensys and R3, institutional banking corporations Banco Santander and JPMorgan Chase, financial firms like Accenture and EY, and tech giants Microsoft, IBM, and Intel.
EEA chairman John Whelan spoke of the several iterations that the group has worked towards perfecting in order to make Ethereum software ‘enterprise ready’. Web3 Labs founder Conor Svensson, who works with the EEA group, reiterated his comments regarding the need for an enhanced technical specification:
“The specifications provide a common technical baseline for the underlying blockchain technology platform. They also provide a common vocabulary to describe core properties of blockchain systems,” he said.
The Ethereum price against the U.S. dollar recently crossed through the significant resistance level of $200, reaching a high of $205 on the BitMEX exchange. The price has been climbing relatively steadily since late April when it was around $150, indicating an impressive 25 percent increase.
This is the second time this month the asset has surged by 10 percent, following a similar incident on May 7th when it regained losses incurred in mid-April. As a result, indicators now show that ETH is in overbought territory, suggesting a possible downturn could be on the cards. ETH/USD short positions are declining with the uptrend but unless Bitcoin can hold its current rally, we could see significant damage inflicted on altcoins if things go south.