dailyhodl.com
The closely followed trader known pseudonymously as The Flow Horse says that one Ethereum (ETH) scaling altcoin is about to see much higher levels.
The Flow Horse tells his 202,500 followers on the social media platform X that he’s anticipating moves in the Ethereum layer-2 subsector in general.
The top trader specifically names the native asset of Celo (CELO), a crypto project transitioning to become an ETH scaling solution, as an altcoin that could witness a big breakout.
“Expecting we see some love for the ETH layer-2 group.
There is a well-known pair close to the musical instrument that is breaking out of a monthly accumulation range.
I’m accumulating a position…
Bought spot CELO.”
Looking at the trader’s chart, he seems to suggest that CELO may have carved a bear market bottom and is poised to begin its uptrend. At time of writing, CELO is trading at $0.875, up nearly 10% in the last 24 hours.
The trader is also looking at the Solana versus Ethereum (SOL/ETH) ratio. Based on SOL/ETH, The Flow Horse says that Ethereum will likely outperform Solana – perhaps until the market becomes too optimistic on the approval of a spot Ethereum exchange-traded fund (ETF).
“Two months now, and still going to go lower most likely.
Bottoms when ETF bros increase odds of ETH approval from 60% to 90%.”
At time of writing, Ethereum is trading at $3,033 while SOL is worth $103.10.
Generated Image: Midjourney