Recent rejection off of overall downward trend-line. This coin, like many others, are correlated with BTC's price action.
ETH (and it's subsidiaries) are experiencing greater downward price movements this particular bear cycle and are particularly more sensitive to BTC's depreciation.
Long term and Fundamental:
Altcoins going through their first bear market cycle generally experience ruthless decimation against bitcoin. For MATIC (a coin which launched in 2019), has, some reason, been supported by desperate bag holders who think it's currently at a discount.
With a move to 13K possible for bitcoin, it makes sense that this altcoin will finally get a capitulation move down to $0.16 - $0.13
Other:
we're about to enter a banking crisis. the everything bubble is bursting. we're entering a period of risk-off investing that may last years.