This week, we take a closer look at Crypto Price Analysis
Ethereum (ETH)
For Ethereum investors, another week went by with little excitement as volatility remained minimal, perhaps because of the Christmas holidays. The cost of ETH did, however, decrease by 2% during the previous week. This is a little change in the price, which is currently trending flat.
Between the crucial support level at $1,160 and the resistance level at $1,240, this cryptocurrency is still constrained. Since the New Year’s celebrations are just around the brink, it is doubtful that this channel will be disrupted. It has been intact for the second part of December.
How high can Ethereum go in 2023?
Looking ahead, January 2023 appears to be when the volatility will most likely return. Ethereum has a possibility to diverge and make an attempt at a higher high as long as the support levels above $1,000 continue to hold. In the alternative, the price would drop to the three-digit range.
Ripple (XRP)
The important resistance level at $0.36 was successfully broken by XRP this past week, however the bears rejected the move quickly. Due to this, the price dropped by 3.4%, and XRP is currently trading just above the support level at $0.33.
If buyers maintain their position, XRP is expected to oscillate between the important levels. However, any weakness might be promptly taken advantage of by sellers, pushing the price back down under $0.30, a crucial support that has to hold.
What will XRP be worth in 2023?
This cryptocurrency may swiftly find itself in a perilous scenario if buyers are unable to reverse this slump, especially if it loses the support at $0.30. That would clear the way for lower lows in 2023, setting up a negative price action for the start of the new year.
Cardano (ADA)
2022 is set to rank among the worst years for Cardano. There appears to be no end in sight to the current decline, which reached a new bottom in 2022 at $0.24. ADA is still looking for support after losing 5.7% of its worth in the last seven days.
The downtrend’s most likely support level at the moment is assessed to be $0.20. This crucial milestone may offer some comfort to ADA since it might finally tempt purchasers to come back after being gone for the majority of 2022.
How high can Cardano go in 2023?
The future for this cryptocurrency is still bleak as it lost more than 92% of its value since reaching an all-time high of almost $3. To regain some of these most recent losses, it is hoped that ADA will be able to find support and begin a sustainable reverse in 2023.
Polygon (MATIC)
Despite losing 4.8% of its value in the previous week, Polygon should count itself fortunate, especially when compared to ADA or SOL. This is because MATIC, which is presently trading at 75 cents, has avoided falling below the 32-cent level that represented its annual low in June.
However, pressure is increasing as buyers seem to be back on the defensive and attempting to hold the cryptocurrency above the crucial support level of $0.74. A dramatic shift looks to be coming soon, as seen by the price movement.
Polygon prediction in 2023
Future analyses might be seen as negative if the crucial support level at $0.74 is repeatedly tested. In the first half of 2023, sellers might pull MATIC back to its June levels if bulls are unable to hold this level.
Solana (SOL)
Solana is among the worst performers of 2022 with a 96% price decline from its peak. The price of SOL also lost 22% of its values during the preceding week, which made issues worse.
Additionally, the value of the cryptocurrency dropped below $10 and is now trying to stay above $9. Given the previous price movement, it appears doubtful that Solana would find solid support before $5. It is astonishing how much its price has dropped after almost hitting $260 in 2022.
Solana prediction in 2023
Major projects and developers leaving Solana after the collapse of FTX might be considered the cause of this most recent crash. Because of this, investors’ faith in its future has been damaged, and Solana’s prospects are bleak as 2023 begins.
