Ethereum could hit $12,000 as Bitcoin struggles to get back to $60,000

The price of Bitcoin (BTC) was besieged by bears after reaching new highs in early November, however, a recent rally of over 6% has brought with it a new expectation that the cryptocurrency market leader breaks the $60,000 mark again and is on track to set a new price record.

the analyst Filip L. from FXStreet, notes that those left out can find hope as although the bears have gained control of some key technical indicators with the monthly pivot, the 55-day simple moving average (SMA) and a break below the Fibonacci level at $59.586, the bulls are not sleeping.

“There are signs of a change as more entries are seen and a rise in the Relative Strength Index (RSI) away from oversold,” he said.

Along the same lines as Filip L, Tasso Lake, expert in cryptocurrencies and founder of Financial Move, notes that Although BTC has corrected towards USD 56,000 in the last week, its trend remains in the positive field, since it is above an important LTA of the movement.

“The trend is still up, however it will be challenged in the $60,000 to $62,000 region due to the EMA+MA200 on H4,” he notes.

Ethereum y EOS

However, Lago notes that while Bitcoin price does not build strength to break above the $60,000 resistance, Ethereum (ETH) despite the recent low has strong upside potential with the main support in the $3,600 region formed by the Fibonacci retracement.

This configuration, the analyst believes, it may reverse the recent low and be a support to take Ethereum up to $12,000.

“Ethereum has lost the bullish channel and has been holding in the $3,900 region. It is currently in the $4,450 range and is still in an uptrend. Another FIBO region.) And subsequently throughout its bullish wave, the $11,000 to $12,000 zone,” he said.

Lago also highlights that More than 1 million ETH have already been burned after the EIP 1559 update, which corroborates the view of a lower supply of the asset and, therefore, can also act as a strong driver to maintain the uptrend.

“Ethereum tends to become a deflationary asset as well and this often pushes the price further to new highs,” he says.

The analyst is also optimistic about EOS, that for him has possible objectives to USD 8 and after USD 11.

“As a more speculative position I highlight EOS, which has the positive EOS/BTC as it is in a region of strong support. Therefore, EOS/USDT, which is currently trading at USD 4.27, has a good chance of evolving positively throughout December” , He said.

Metaverse cryptocurrencies

While Lago bets on Ethereum and EOS, Lucas Schoch, CEO and founder of Bitfy, which hit the recent bullish token CRO from, He points to some metaverse cryptocurrencies as crypto assets that have been standing out in the market while Bitcoin continues to rehearse a recovery.

However, before the metaverse, Schoch begins by emphasizing again CRO which, according to him, aims to act as a driving tool for the exchange to increase the adoption of cryptocurrency on a global scale due to its blockchain being primarily focused on providing utility to users of payment solutions.

“CRO coin is getting closer and closer to the TOP 10 Coin Market Cap, ranking 12th, up 7 places from last week and 14 places from the previous week, it has reached a valuation of more than 95% referred to the last 7 days and the equivalent of 11.65% in the last 24 hours, it is a coin to keep your eyes open for the fact that it is consistently well valued,” he said.

In second place is the virtual reality platform token Decentraland, WHERE. Decentraland was co-founded by Ariel Meilich and Esteban Ordano, and is powered by the Ethereum blockchain, which allows users to create, experience, and monetize content and apps.

Two tokens MANA and LAND are used in the virtual world of Decentraland, which allow users to buy plots to be able to navigate, monetize and build within the platform in the future.

“Regarding the MANA token, the second most valued token of the week, rising more than 64% and more than 24% in these last 24 hours, it can be used to pay for a series of avatars, clothes and a host of other things within Decentraland, and is ranked 23rd among the best valued cryptocurrencies in the market”.

In third place, the analyst stands out Elrond (EGLD) which was co-founded in late 2017 by brothers Benjamin and Lucian Mincu, together with Lucian Todea, and is primarily intended to be a solution to the blockchain scalability problem, was first announced in August 2019 and its mainnet it was released in July 2020.

“The project describes itself as an internet technology ecosystem, bringing together fintech, DeFi and IoT on its smart contract execution platform, capable of performing 15,000 transactions per second, and has a market valuation of over 53% this last week,” he says.

Finally, with a market valuation of more than 10% in the last 7 days, almost entering the TOP 10 coins by market capitalization, another token that continues to rise steadily and is on the list of experts is AVAX, native to the Avalanche network.

“Its layer 3 blockchain has been gaining ground on the global cryptocurrency scene, standing out and shining in the eyes of investors around the world.”

Keep reading:

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Ethereum could hit $12,000 as Bitcoin struggles to get back to $60,000

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