If you have a way to do it, changing the monitors output character from a "\" to something else would let you verify that you were actually seeing the monitor start up.
I'm not familiar with the setup you are working on, but another thing I do when a serial connection seems dead is to "fly blind" and type in a few commands to see if the machine seems busy. Just recently I had and 1802 based machine I'd built seem dead on the serial monitor, but when I did a memory dump (even though nothing was appearing on the terminal) I could tell the processor was cranking along. That helped me focus my effort on the serial connection instead of wondering if the machine itself was locked.
If the machine is locked in a loop waiting for input, the higher order address lines might be locked either high or low and just the lower bits of the address bus are going to be busy. (They might toggle to read the status of an ACIA or UART from whatever address it is at, but if the ROM and devices are being read are all above $C000 then A15 and A14 would be high when there is a valid address on the lines.)
Depending on the code, I would also expect it to be reading not writing at that point. (I'd also expect that the chip select line for the ACIA or UART would be getting pinged on a regular basis if it is stuck trying to read input.)
It is just a totally blind guess, but if the monitor is getting a prompt out and then nothing else seems to happen I would tend to suspect either the input (hardware or software) or something like a flaky interrupt sending thing to never-never land. And as you can see, my troubleshooting approach tends to start with a fairly scattered approach looking for something that doesn't make sense to me.
Jim