A closely tracked trader known by the pseudonym The Flow Horse said the Ethereum (ETH) scaling altcoin is poised to move much higher.
The Flow Horse tells his 202,500 followers on social media platform
The top trader specifically named the underlying asset of Celo (CELO), a cryptocurrency project that is transitioning to an ETH scaling solution, as an altcoin that could witness a major breakout.
“We expect to see some love for the ETH layer-2 group.
There are well-known pairs close to instruments that fall outside the monthly accumulation range.
I’m gathering seats…
“I purchased physical CELO.”
Looking at the trader’s chart, it seems to suggest that CELO has hit the bottom of a bear market and is ready to start an upward trend. As of this writing, CELO is trading at $0.875, up almost 10% in the last 24 hours.
Traders also look at the Solana to Ethereum (SOL/ETH) ratio. The Flow Horse says that Ethereum will likely surpass Solana based on SOL/ETH. Until, perhaps, the market becomes too optimistic about the approval of a spot Ethereum exchange-traded fund (ETF).
“It’s now been two months and a decline is still likely.
The bottom will come when the ETF brethren increase the probability of ETH approval from 60% to 90%.”
As of this writing, Ethereum is trading at $3,033 and SOL is worth $103.10.
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