Ethereum Poised for Potential Rally as Google Cloud Launches Blockchain RPC Service

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is showing signs of a potential rally as Google Cloud announces a new service aimed at enhancing blockchain infrastructure. The news comes amid broader market anticipation of the Federal Reserve’s upcoming interest rate decision.

Google Cloud’s Blockchain RPC Service Boosts Ethereum Ecosystem

On September 17, Google Cloud launched its Blockchain Remote Procedure Call (RPC) service, initially supporting the Ethereum mainnet and testnet. This new offering aims to improve the reliability of decentralized applications (DApps) and simplify blockchain data interactions for crypto developers.

The service includes a free tier allowing up to 100 call requests per second and one million requests per day, with support for EIP-1474 – a standard set of RPC methods for Ethereum nodes. Google Cloud emphasized the service’s full compatibility with Ethereum’s JSON-RPC standard, enabling easy integration into Ethereum-based DApps with minimal code changes.

This development addresses a persistent challenge in the crypto space, as RPC reliability issues have often impacted DApp performance during periods of high network activity. The move is seen as a significant step towards improving the scalability and efficiency of the Ethereum ecosystem.

Ethereum Price Analysis and Market Outlook

As of the latest data, Ethereum is trading at approximately $2,330, showing signs of recovery after recent market volatility. The cryptocurrency has formed a support level around $2,260, with resistance near the $2,340 mark and the 100-hourly Simple Moving Average.

Technical indicators suggest a cautiously optimistic outlook:

• The hourly MACD is losing momentum in the bullish zone.
• The hourly RSI is above the 50 zone, indicating balanced market sentiment.

Analysts are closely watching key resistance levels at $2,385 and $2,420. A breakthrough above these points could potentially trigger a move towards $2,450 or even $2,550.

Historical Context and Future Prospects

Ethereum’s performance following previous Bitcoin halving events has shown significant volatility followed by substantial gains. After the 2020 halving, ETH surged by 150% before reaching a 2,150% increase.

Some analysts, like CryptoBullet, have identified a “triple bottom” formation on the ETH/USDT daily chart, reminiscent of price action observed in 2021. This pattern suggests the possibility of a rebound, although ETH currently remains over 52% below its all-time high of $4,730.

As the cryptocurrency market anticipates the Federal Reserve’s interest rate decision, Ethereum’s price action in the coming days could be crucial. The integration of Google Cloud’s RPC service, combined with potential macroeconomic shifts, may provide the catalyst needed for Ethereum to challenge higher resistance levels and potentially initiate a new bullish phase.