A top crypto trader believes that the approval of a spot Ethereum (ETH) exchange-traded fund (ETF) in the United States could send the altcoin “into the stratosphere.”
The pseudonymous analyst known as Flow Horse told his 216,300 followers on social media platform X that a spot ETH ETF would “drive the crypto market even more crazy.”
“I’m planning to take it easy over the summer in spots, but if the ETH ETF gets approved, the second wind will come in full force.”
The trader also noted that top meme asset Dogecoin (DOGE) in particular has been “stuck in very good territory for a long time.”
DOGE is trading at $0.169 at the time of writing. The ninth-largest crypto asset by market cap has risen by roughly 11% over the past 24 hours.
Flow Horse also took note of Ethereum’s open interest chart, which he described as “pretty wild.”
“There is no shame in anyone who sees this and wants to deleverage. The most bullish **short-term** case is that reluctant sellers don't adjust fast enough and sit underwater. It’s about being there.”
ETH is trading at $3,749 at the time of writing. The second-largest crypto asset by market cap is up about 20% in the past 24 hours.
Don't miss out on the latest news – subscribe to receive email alerts directly to your inbox
Check price trends
follow me XFacebook, Telegram
Browse daily Hodl mixes
 
Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that sending and trading is at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrencies or digital assets. Additionally, The Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated image: Mid Journey
