ETH/USD Gains Support Over Double Bottom – Brace for a Buy Trade!

The ETH/USD rose on Wednesday, after Alchemy, an Ethereum Developer platform, announced a partnership with Ethereum layer-2 scaling solution developer Optimism. After this deal, the developers from the Alchemy platform will be able to integrate Optimistic Rollups into their applications. This will provide users with highly scalable and cost-efficient solutions. The ETH/USD closed at $1,967.83, after placing a high of $1,999.17, and a low of $1,877.58.

Alchemy is a platform that focuses on providing blockchain developers with the fundamental tools required for creating the future of the technology. On Wednesday, Alchemy announced that it had joined forces with Optimism; this team aims to solve the scalability issue in Ethereum with the Optimistic Rollups. These rollups are designed to significantly boost the throughput of Ethereum and reduce the gas fees and network transaction confirmation time. This news about the partnership added gains to the ETH/USD on Wednesday.

The Bank experimented with the use of Ethereum and non-fungible tokens for a pilot project, as part of its ongoing research into the digital shekel. The BOI also successfully tested its ability to program a transfer of car ownership certificate using NFT, and completed a transaction wherein an NFT payment was the condition of transfer and vice versa. This experiment also added strength to the value of ETH and pushed the ETH/USD higher on Wednesday.

Meanwhile, the fiat native public blockchain ecosystem, Public Mint, announced that its blockchain would be natively integrated with the Circle’s USD Coin, to provide a simple gateway to connect the fiat-centric network of Public Mint with the vibrant Defi ecosystem on Ethereum. In simple terms, the Public Mint has integrated with USDC, to offer a bridge to Ethereum. The ETH/USD remains supported, due to optimistic developments surrounding its environment on Wednesday.