Crypto Market Remains Calm as Ethereum Stuck in Range-Bound Channel

• Ethereum (ETH) experienced little volatility this week, with its price remaining stuck between the key support at $1,160 and the resistance at $1,240.
• Ripple (XRP) saw a slight drop in its price over the week, with a 2% decrease.
• Cardano (ADA), Polygon (MATIC) and Solana (SOL) also experienced declines in their prices, ranging from 1% to 4%.

The cryptocurrency market has been relatively quiet this week, with many investors taking a break during the holiday season. Ethereum (ETH) has been the exception, however, with its price remaining relatively flat over the past seven days. The cryptocurrency is currently stuck between the key support at $1,160 and the resistance at $1,240. This channel has been in place since the middle of December, and it is unlikely to be broken with the New Year celebrations around the corner.

Ripple (XRP) also saw a slight drop in its price over the week, with a 2% decrease. Despite the drop, XRP is still trading at the same level it was at the beginning of the week. The cryptocurrency is currently trading at $0.262 and is facing resistance at the $0.265 mark. Looking ahead, XRP could remain range-bound until the New Year, as many investors take a break from the markets.

Cardano (ADA), Polygon (MATIC) and Solana (SOL) also experienced declines in their prices, ranging from 1% to 4%. ADA is currently trading at $0.322 and is facing some strong resistance at the $0.330 mark. Meanwhile, MATIC is currently trading at $0.37 and is facing some resistance at the $0.375 mark. Finally, SOL is currently trading at $14.14 and is facing some resistance at the $14.50 mark.

Looking ahead, the cryptocurrency market is likely to remain relatively calm over the next few days, as many investors take a break from trading. However, volatility could return in January 2023, as investors return to the markets. Until then, Ethereum, Ripple, Cardano, Polygon, and Solana will likely remain range-bound, with their prices stuck in the same ranges they are currently in.