ETH, XRP, ADA, MATIC and SOL

                                                            Diese Woche werfen wir einen genaueren Blick darauf Ethereum, RippleCardano, Polygon und Solana

Ethereum (ETH)

Another week has passed with little excitement for Ethereum investors as volatility has been low – likely due to the Christmas holidays. However, the price of ETH has fallen by 2% over the past seven days. This is a negligible price move that is still in a flat trend.

This cryptocurrency remains between the key support at $1,160 and that Resistance stuck at $1,240. That channel is intact in the second half of December and is unlikely to be interrupted with the New Year celebrations around the corner.

Looking ahead, volatility is more likely to return in January 2023. As long as support levels hold above $1,000, Ethereum has a chance to break free and attempt a higher high. The alternative would drop to a three-digit price.
Chart from TradingView

Over the past week, XRP had a good attempt to break the key resistance at $0.36 but was quickly rejected by the bears. Because of this, the price dropped 3.4% and XRP is now sitting just above the $0.33 support.

If buyers hold here, then XRP is likely to move sideways between the key levels. However, any weakness could be quickly exploited by sellers who could push the price back to $0.30, which is a critical support to hold.

If the buyers fail to stop this downtrend, this cryptocurrency will quickly find itself in a precarious position, especially if it loses the $0.30 support. That would open the way to lower lows in 2023, starting the new year with bearish price action.
Chart from TradingView

Cardano is about to wrap up 2022 as one of its worst years. With a new low in 2022 at $0.24, the current downtrend seems unstoppable. After losing 5.7% of its rating over the past seven days, ADA is still looking for support.

At this point, the most likely support level to stop the downtrend is $0.20. This key level could bring some relief to ADA as it could lure buyers to finally come back after being absent for most of 2022.

Looking ahead, the prospects for this cryptocurrency remain pessimistic, having since its all-time high over $3 lost more than 92% of their rating. Hopefully in 2023, ADA will be able to find support and initiate a sustained trend reversal to erase some of these recent losses.
Chart from TradingView

Polygon (MATIC)

Polygon should be fortunate even though it’s lost 4.8% of its valuation over the past week, especially when compared to ADA or SOL. Because MATIC was able to move far away from its low for the year in June, when the price fell to 32 cents, at currently 75 cents.

Still, pressure is building as buyers appear to be back on the defensive and attempting to hold the cryptocurrency above the key $0.74 support. The price action also shows that a crucial move is imminent.

Looking ahead, repeated tests of key support at $0.74 could be interpreted as bearish. If the bulls fail to hold here, it would pave the way for sellers to bring MATIC back to the June levels in the first half of 2023.
Chart from TradingView

Solana (SOL)

Solana is one of the worst performers of 2022 after falling 96% from its all-time high. To make matters worse, SOL’s price also lost 22% of its ratings over the past week.

Additionally, the cryptocurrency also fell below $10 and is currently struggling to sustain above $9. Considering the historical price action, Solana seems unlikely to find any good support until $5. Such a price drop after hitting nearly $260 in 2022 is breathtaking.

The reason for this recent crash could be traced to major projects and developers deciding to move away from Solana after the FTX implosion. This has shaken investor confidence in its future, making Solana’s prospects pretty bleak as we enter 2023.
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