The Flow Horse Predicts Big Breakout for Ethereum Layer-2 Altcoin
A popular trader known as The Flow Horse believes that an altcoin in the Ethereum (ETH) layer-2 subsector is on the verge of experiencing significant growth. In a post on social media platform X, The Flow Horse shared his anticipation for moves in the Ethereum layer-2 subsector and specifically mentioned Celo (CELO), a crypto project that is transitioning to become an ETH scaling solution.
CELO Poised for a Breakout
The Flow Horse expressed his expectation that the ETH layer-2 group would receive some attention. He highlighted a well-known pair close to the musical instrument that is breaking out of a monthly accumulation range and revealed that he has been accumulating a position in CELO. The trader’s chart suggests that CELO may have hit a bear market bottom and is now ready to start an uptrend. At the time of writing, CELO is trading at $0.875, showing a nearly 10% increase in the last 24 hours.
Ethereum vs. Solana
In addition to CELO, The Flow Horse also discussed the Solana versus Ethereum (SOL/ETH) ratio. Based on this ratio, he believes that Ethereum will likely outperform Solana, at least until there is excessive optimism surrounding the approval of a spot Ethereum exchange-traded fund (ETF). The trader predicts that it will take around two months for this ratio to reach its lowest point before rebounding when the odds of ETH approval increase from 60% to 90%. Currently, Ethereum is trading at $3,033, while SOL is valued at $103.10.
Hot Take: Ethereum Layer-2 Altcoin Set for Breakout
According to The Flow Horse, an altcoin in the Ethereum layer-2 subsector is about to experience a major breakout. He specifically mentioned Celo (CELO) as a potential candidate for significant growth. The trader’s chart indicates that CELO may have reached its bear market bottom and is now ready to enter an uptrend. Additionally, The Flow Horse discussed the Solana versus Ethereum ratio and predicted that Ethereum would outperform Solana in the near future. However, he believes this trend could reverse once there is excessive optimism surrounding the approval of a spot Ethereum ETF. Overall, the trader’s outlook suggests that there are exciting opportunities ahead for the Ethereum layer-2 altcoin market.
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