• Ethereum has seen a 10% drop in price over the past week, with 12% losses in the last 30 days.
• Ethereum is looking forward to the launch of a new testnet, Holesky, which will enable it to more effectively test upcoming updates.
• If successful, Holesky could provide a short-term boost to ETH’s price.
Ethereum Price Prediction
Ethereum (ETH) has seen its price slip by 0.4% in the past 24 hours and down by 10% since last week – representing a 12% fall over the last 30 days. Despite this decline, however, Ethereum is still up 39% since the beginning of 2021 due to market-wide losses suffered recently.
Holesky Testnet Launch
In order to help improve its upcoming upgrades such as Cancun-Deneb upgrade, Ethereum is looking forward to launching a new testnet called ‘Holesky’. The purpose of this is to make layer-two rollups cheaper and more efficient – offering potential for an increase in ETH’s price if it proves successful.
Ethereum’s indicators suggest that it may be close to bottoming out after crashing its relative strength index (RSI) below 30 over the weekend. Additionally, its 30-day moving average (yellow) is very close to dropping below its 200-day average (blue), which can often signal further losses ahead. Nevertheless, ETH’s price has bounced back from medium-term support level (green), meaning that any further drops are likely limited and potentially followed by recovery soon.
Merge Anniversary Day
The Holesky testnet will be launching on September 15th – Merge anniversary day! This long-lived testnet will replace Goerli and mark the first dedicated platform featuring all finalized EIPs for Cancun/Deneb upgrade .
All things considered, despite recent market corrections leading Ethereum’s price downwards ,the forthcoming launch of Holesky may provide potential upside for those looking to buy into ETH and benefit from the upcoming network developments .