Ethereum Price Prediction as New 'Holesky' Testnet Launch Approaches – Time to Buy?
The Ethereum price has slipped by a very slight 0.4% in the past 24 hours, with its move to $1,666 representing a 10% drop in the past week.
ETH is also down by 12% in the last 30 days, with the altcoin having risen by 39% since the beginning of the year, a percentage which has declined substantially as a result of market-wide losses suffered last week and in the past few weeks.
However, Ethereum is looking forward to the launch of a new testnet, Holesky, which will enable it to more effectively test upcoming updates, such as the forthcoming Cancun-Deneb upgrade.
And given that the latter will make layer-two rollups cheaper and more efficient, such developments could help the ETH price recover very soon.
ETH's indicators suggest that the altcoin is close to the bottom of its recent falls, with its relative strength index remaining below 30 after crashing to 20 over the weekend.
ETH's 30-day moving average (yellow) is also very close to dropping below its 200-day average (blue), a move that can often signal further losses to come.
However, even if further losses do follow in the next couple of days, they are unlikely to be substantial, given that ETH's price has bounced up a little from its medium-term support level (green).
As such, a potential recovery may only be a matter of time, with Ethereum's fundamentals remaining as strong as ever.
In fact, Ethereum has the launch of its new Holesky testnet to look forward to in the next few weeks, with a successful deployment potentially providing a short-term boost to ETH's price.
While a testnet in itself won't do anything directly to make Ethereum a more useful and valuable network, it will help with work on upcoming updates.
This includes the much-anticipated Cancun-Deneb upgrade,
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