Ethereum Price Prediction: ETH Falls 1% Overnight – When is the Next Bounce?

cryptonews.com:

The Ethereum price has dropped by 1% in the past hour and by 2% in the past 24 hours, as the market's biggest altcoin continues to be affected by the delay of the Holesky testnet launch.

And while the market as a whole is down today, ETH seems to be more affected than many other major cryptocurrencies, with the altcoin also down by 1.7% in a week and by 4% in a month, at $1,591.

However, ETH also remains up by 33% since the beginning of the year, and with its fundamentals remaining as strong as ever, it's likely to rebound in the coming days and weeks.

It's very arguable that ETH's weakness right now only makes it more of a bargain, given how oversold it has been in recent weeks and months.

Its indicators continue to suggest that it's due a rebound very soon, with its 30-day moving average (yellow) having been substantially below its 200-day average (blue) since the end of August.

Again, this signals that the coin is oversold, as does ETH's relative strength index (purple), which is laboring around the 40 level and which has been well below 50 since the middle of August.

A more positive sign is provided by the coin's support level (green), which has noticeably risen in the past week or so, implying that ETH has hit a bottom and should now come back up strongly soon enough.

As noted above, ETH has taken a disproportionate hit in the past few days due to the delayed launch of the Holesky testnet, which will provide improved testing capabilities and which will be instrumental in paving the way for proto-Danksharding to emerge in the more distant future.

However, Holesky is due to be up and running by September 28, a date which could easily see a recovery rally for ETH, assuming that the launch does finally go ahead.

If it does, it's