Ethereum Layer-2 Altcoin on the Verge of Big Breakout, According to Top Trader Heres His Outlook

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 ofCelo (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.

Im accumulating a position…

Bought spot CELO.”

Source: The Flow Horse/X

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%.”

Image
Source: The Flow Horse/X

At time of writing, Ethereum is trading at $3,033 while SOL is worth $103.10.

Don’t Miss a Beat Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

This article was originally reported on The Daily Hodl.