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