Ethereum (ETH) Price Shoots 8% Above $1600, Evolve Files for Ether ETF While Amazon Adds Ethereum Support

The crypto market is rallying once again after two days of consolidation. The world’s second largest cryptocurrency Ethereum (ETH) has shot 8% today moving past $1600 levels. At press time, ETH is trading at a price of $1601 with a market cap of $183.98 billion.

This rally in ETH price comes a day after Canadian financial giant Evolve filed a preliminary prospectus for Ethereum (ETH) exchange-traded-fund (ETF). The Evolve Ether ETF (ETHR) has been designed allowing investors gain exposure to Ether.

The ETHR investment instrument will provide investors the exposure to daily price movements of USD. ETHR will invest in Ether on passive basis. Thus, the fund’s holdings won’t be actively managed or won’t be hedged/repositioned. Besides, Evolve also mentions that ETHR doesn’t seek any exposure through derivatives and also won’t pay any regular cash distributions.

Raj Lala, President and CEO, at Evolve said: "As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure. Cryptocurrencies are fundamentally transforming digital finance and Evolve is quickly establishing itself as a leading facilitator for investing in this space. Ether is a digital asset that is not issued by any government, bank or central organization and was intended to complement rather than compete with bitcoin.”

In another major development, the Amazon Managed Blockchain has added support for Ethereum. This new collaboration will help users build Ethereum-based applications with ease without finding it complicated and time-consuming to manage the Ethereum infrastructure.

The official announcement notes that AWS users can easily provision Ethereum nodes while seamlessly connecting to the public Ethereum mainnet and other test networks such as Ropsten and Rinkeby. Besides, the Amazon Managed Blockchain facilitates its customers with secure networking, encryption, as well as secure access to the network.

The announcement further adds: “Amazon Managed Blockchain monitors node health, replaces unhealthy nodes, and automates Ethereum software upgrades, improving the availability of customers’ Ethereum infrastructure. In addition to DeFi applications, customers building analytical products such as smart contract monitoring tools and fraud detection software can also benefit from this scalable, highly available, and fully managed Ethereum service on Amazon Managed Blockchain”.