Ethereum to Shekel: trade ETH to ILS pair and track its real-time price
Ethereum to Shekel is a crypto-to-fiat pair that tracks the relationship between a highly popular cryptocurrency, Ethereum (ETH), which serves as the base currency, and the Israeli shekel (ILS), which has been Israel’s official currency since 1985.
The New Israeli Shekel, or simply put, the Shekel, resulted from the reintroduction of the currency back in 1985 in substitution of the old shekel, which was significantly devalued due to high inflation rates. The transition involved dividing any record of the old shekel by 1,000 to estimate their value in New Shekels.
Meanwhile, cryptocurrencies have emerged as a modern financial asset class, attracting the attention of both retail and institutional traders due to their potentially disruptive characteristics, including their anonymity, the transparency and safety of the transactions conducted with them, and their limited supply, which gives traders enough room to speculate on their price fluctuations.
Among them, Ethereum (ETH) has gained its stand among the kings of the cryptocurrency markets, establishing itself as the second most valuable currency, only preceded by the crypto titan, Bitcoin (BTC).
The ETH to ILS can be an interesting pair for traders who understand the dynamics that drive the value of any of these two currencies. It can be a suitable choice for someone who studies the dynamics of Middle East currencies and the fundamentals that drive their value, or it could also be a suitable pair for traders looking to speculate on the fluctuation in the value of ETH.
With that in mind, traders can use a Contract for Difference (CFD) to speculate on the potential fluctuation of ETH/ILS based on their analysis and forecasts.
Profits can be obtained by taking either short or long positions by using this innovative financial arrangement, which allows the traders to benefit from the price difference after the contract has been settled.
Ethereum continues to gain territory as a popular digital currency, as it has been increasingly adopted by online gaming platforms, e-commerce businesses, and even some brick-and-mortar retailers who understand that the widespread adoption of cryptocurrencies as suitable payment methods is unstoppable.
Since its introduction, Ethereum has set itself apart from Bitcoin by adding further capabilities to its technology that aim to power other blockchain-based features in an effort to fuel the widespread adoption of Ethereum.
This distinctive approach could be a competitive advantage for Ethereum over the long term if the blockchain manages to establish itself as a reliable base for other applications and this should result in an increase in the demand for Ether, the crypto token required to pay for the transactions conducted on Ethereum’s blockchain.
Up until early February, the Shekel had been gaining some territory against the US Dollar, as the country’s economic growth started to move towards 4 per cent annual growth rates after being stuck at 3 per cent rates for several years. Meanwhile, Israelis exports were also showing positive growth, which contributed to fuel the appreciation of its currency.
Nevertheless, the recent coronavirus health emergency has halted this positive trend and traders now have to study the potential repercussions of this situation on the value of ILS to predict future trends.
Traders can benefit from ETH/ILS price swings by taking long or short positions on this crypto-to-fiat pair using Capital.com’s proprietary trading platform which features a real-time price chart and changes a zero per cent commission on trades.