The price of Ethereum (ETH) has stalled at $1,636 today, with the altcoin rising by only 0.3% in 24 hours and 1.5% in a week.
These movements come after Ethereum developers had to delay the launch of the much-anticipated Holesky testnet, which failed to operate as intended as a result of a parameter mismatch.
However, this setback doesn't appear to have affected ETH's price too much, and with Holesky expected to go live in the next week, the altcoin is likely to see a significant recovery soon enough.
Ethereum's chart and indicators now look like they're in a position where the altcoin can enjoy a sustained rebound, one which may go some way towards compensating for the coin's recent losses.
ETH's 30-day moving average (yellow) has dropped massively below its 200-day average (blue), implying that it has been oversold drastically in recent weeks and is overdue a rally.
At the same time, the coin's relative strength index (purple) has begun rising after a period below 40, an improvement which could suggest that its price has begun the process of recovering.
It's therefore encouraging to see that ETH's support level (green) has climbed in recent days after falling as low $1,550 last week, a sign that it has bottomed.
Of course, this doesn't necessarily mean that we're going to see a big recovery in the very near future, with Ethereum suffering the inconvenience of having an important new testnet delayed as a result of technical issues.
This setback potentially robbed ETH of the rally that may have happened if Holesky had launched successfully, with the testnet expected to help developers test new upgrades and modifications en route to deploying proto-Danksharding (which will help with scaling).
However, the successful launch ofRead more on cryptonews.com