TL:DR breakdown
- Google services went out for an hour today.
- According to Downdetector, Google had tens of thousands of complaints.
- More popularity grew for Ethereum between 12:00 and 13:00 GMT.
Google services outage makes Ethereum 2.0 more attractive
Google services went down for an hour today, which caused distrust for their services. Services such as YouTube, Gmail and Google Docs were not functioning, and this paused people’s work.
Students who were learning remotely were blocked from using Google classroom. The Google outage occurred at around 12:00 GMT, and soon services returned at around 13:00 GMT.
Every single Google service experienced an outage. Google services include Google Maps, Play, Chrome, Drive, Wallet, and Search, to name a few. Some people are still not able to access Google services, and Google is trying to help those people.
Downdetector, which registers complaints of failing internet services recorded tens of thousands of complaints regarding Google. Outages are nothing new for Google as one occurred in September 2020 when Google Doc was out for several hours.
Google services outages have built frustration against internet services which will likely force people to search for alternatives like Ethereum 2.0.
Ethereum qualities
Ethereum’s ability to keep progressing makes it a more desirable investment and tool for businesses and individuals. The Ethereum blockchain has many capabilities because of its Decentralized Finance ( DeFi) smart contracts.
The ETH 2.0 blockchain can be used to make payments, store and send information as well as create a variety of products. Using the Ethereum blockchain, there are a variety of products such as gaming platforms and streaming sites.
ETH is also a vital player in the growing gig economy. The ETH 2.0 will come with advancements that will ensure that not only is ETH able to do a range of things, but it is effective and reliable doing them.
ETH 2.0 has not been fully realized yet but what is promised is a secure network with 16 validators. The system will not slow down or crash as it should be able to process 100 transactions per second.
People are waking up and smelling the coffee and choosing ETH 2.0 over established services like Google because they continue to crash.
Ethereum performance
Looking at how people responded to the news of Google services failure, although it was only for an hour, we can see that there was some bullish action that came from it. Between 12:00 GMT to 13:00 GMT when Google services stopped functioning the candles switched from red and green, which indicated a switch from bearish action to bullish momentum.
The green candle from 12:30 GMT is fairly long suggesting there was quite a bit of bullish action. The Moving Average Convergence Divergence (MACD) is green pointing to bullish momentum.
The bullish momentum steers the price closer to the price expectation level on the Bollinger Bands.
The quick reaction from investors to purchase more Ethereum 2.0 was probably due to Google’s shut down. More people are starting to realize that it is not enough to put their faith in big centralized providers but that they need to go beyond and put their trust in new technology like ETH 2.0 which is continually advancing.
