The closely followed trader, pseudonymously known as The Flow Horse, says an Ethereum (ETH) scaling altcoin is about to reach much higher levels.
The Flow Horse tells his 202,500 followers on social media platform X that he anticipates moves in the Ethereum layer 2 subsector in general.
The top trader specifically mentions the native asset of Celo (CELO), a crypto project moving to an ETH scaling solution, as an altcoin that could see a major breakthrough.
“I expect we will see some love for the ETH layer 2 group.
There is a known pair close to the musical instrument that breaks out of the monthly accumulation range.
I collect a position…
Bought CELO on the spot.”
Looking at the trader’s chart, he seems to suggest that CELO may have reached a bear market bottom and is ready to begin its uptrend. At the time of writing, CELO is trading at $0.875, up almost 10% in the last 24 hours.
The trader also looks at the Solana versus Ethereum (SOL/ETH) ratio. On a SOL/ETH basis, The Flow Horse says Ethereum will likely outperform Solana – perhaps until the market becomes too optimistic about the approval of a spot Ethereum exchange-traded fund (ETF).
“Two months now and probably even lower.
Low point when ETF brethren increase the chance of ETH approval from 60% to 90%.
At the time of writing, Ethereum is trading at $3,033, while SOL is worth $103.10.
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Generated image: Midjourney