ETH price forecast after Google launches Cloud Node Engine for devs

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on Oct 28, 2022
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  • Google has launched the Cloud Node Engine for Ethereum developers.
  • These are fully managed services where customers will not need to hire their own teams.
  • Ethereum’s value has seen an increase of 24% in the last seven days.

Google announced that it would launch a cloud-based node for Ethereum  (ETH/USD) developers as well as projects, known as the Blockchain Node Engine.

Ethereum is the second largest cryptocurrency in terms of market capitalization and has recently switched to the Proof-of-Stake (PoS) consensus mechanism.

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The network is known as a home for many Decentralised Finance (DeFi), Decentralised Applications (dApps), and non-fungible tokens (NFTs) projects.

Google’s Blockchain Node Engine as a catalyst for growth

Within the latest Ethereum news, Google announced on October 27, 2022, that they are launching the Blockchain Node Engine, a fully managed node-hosting for Web3 development.

Google’s offering will be a fully managed service, and this essentially means that customers will not have to hire their own teams as a means of monitoring or to maintain these nodes.

Google will actively monitor the nodes and restart them at points in time when anything goes wrong. Furthermore, this Blockchain Node ENgine will include a variety of security features, such as Google’s Cloud Armor, designed to prevent denial-of-service (DDoS) attacks that spam and slow down networks.

Furthermore, Google claims that these nodes will be behind a VPC firewall that allows users to customize permissions and can choose where their nodes are geographically deployed. 

Should you buy Ethereum (ETH)?

On October 28, 2022, Ethereum (ETH) had a value of $1,507.70.

ETH/USD Chart by Tradingview.

The all-time high of Ethereum (ETH) was on November 10, 2021, at a value of $4,878.26. Here we can see that at its ATH, the token was $3,370.56 higher in value, or by 223%.

When we go over the 7-day performance of the cryptocurrency, we can see that Ethereum (ETH) had its low point at $1,264.48, while its high point was at $1,577.20. Here we can see an increase in value of $312.72 or by 24%.

However, when we take a look at its 24-hour performance, the low point was at $1,494.08, while its high point was at $1,570.82. This indicates an increase of $76.74 or by 5%.With all of this in mind, investors should buy ETH as it can climb to $1,700 by the end of November 2022.